July 3, 2014 / 10:37 AM / 4 years ago

Bahraini bank ABC to raise $500 mln loan, picks arrangers

DUBAI, July 3 (Reuters) - Bahrain’s Arab Banking Corp chose four banks to arrange a $500 million loan of three years duration, a statement from the lender said on Thursday, with funds to be used for general business purposes.

The facility, to be arranged by HSBC, National Bank of Abu Dhabi, Natixis and Sumitomo Mitsui Banking Corp, will pay an interest rate of 120 basis points above the London interbank offered rate (Libor).

Four other banks - Deutsche Bank, Royal Bank of Scotland, Societe Generale and Standard Chartered - have committed to subscribe to the loan, while an invitation to other lenders to join was sent out on Thursday, the statement added. (Reporting by David French; Editing by Andrew Torchia)

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