Abu dhabi commercial bank closes $600 million syndicated loan statement

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DUBAI Nov 21 Abu Dhabi Commercial Bank (ADCB) has closed a $600 million three-year syndicated loan, Wells Fargo, the bank that coordinated the debt transaction, said in a statement. The facility, which was syndicated to Asian banks, offers an interest rate of 95 basis points over the London Interbank Offered Rate (Libor). The loan initially closed at $220 million after a limited syndication which saw the participation of seven banks. It was then launched to general syndication on Oct. 6, with the target of reaching a total size of $500 million involving a wider group of Asian investors.

The facility was eventually oversubscribed and ADCB decided to increase the final amount to $600 million.

ADCB, established in 1985 by the Government of Abu Dhabi, is rated A by S&P and A+ by Fitch.