November 27, 2014 / 11:02 AM / 5 years ago

TRLPC-Turkish lender Kuveyt Turk launches $250 million loan

LONDON, Nov 27 (Reuters) - Islamic lender Kuveyt Turk , majority-owned by Kuwait Finance House, has launched a $250 million dual-currency murabaha loan into general syndication, bankers said on Thursday.

The sharia-compliant loan, which can be denominated in dollars or euros, is split into a one-year tranche and a two- tranche paying an interest margin of 80 basis points (bps) and 100 bps, respectively over three month Libor/Euribor.

Arab Banking Corporation, Abu Dhabi Commercial Bank, Barwa Bank, Emirates NBD, Noor Bank and Qatar Islamic Bank are mandated lead arrangers and bookrunners on the deal.

Kuveyt Turk could not be immediately contacted for comment.

The loan will be used for general corporate purposes and is due to close by the end of the year, the bankers said.

Kuveyt was last in the loan market in January 2014 when is signed a $388 million-equivalent dual-tranche murabaha loan with a club syndicate of 12 international and regional banks, which was used to finance foreign trade. (Editing By Christopher Mangham)

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