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Financials

UAE bank NBAD raising $2 bln loan to refinance debt, provide new funds

ABU DHABI, Oct 27 (Reuters) - National Bank of Abu Dhabi , the emirate’s largest lender by assets, on Thursday said it began marketing to banks a$2 billion loan it is trying to raise to refinance existing bilateral facilities as well as provide new term funding.

The three-year loan carries pricing of 0.65 percent over the London interbank offered rate (Libor) and is expected to close by end of this year, NBAD said in a statement.

The loan will be marketed to existing relationship banks of NBAD and a selected number of international lenders, with Group Treasurer Stephen Jordan quoted in the statement as saying the transaction “will help consolidate and define our preferred relationships” for the future.

NBAD is currently being merged with First Gulf Bank to create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017. (Reporting by Stanley Carvalho; Editing by David French)

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