DIC's $550m loan pays LIB+400 bps margin.Byline: London Dubai International Capital's (DIC DIC diffuse intravascular coagulation; disseminated intravascular coagulation. DIC abbr. disseminated intravascular coagulation Disseminated intravascular coagulation (DIC) ) $550 million loan pays a margin of 400 basis points (bps) over Libor/Eibor, a banking source close to the deal said. The medium-term amortising loan, which will be used to refinance a bridge loan signed in August and for general corporate purposes, comprises both conventional and Islamic tranches, the source said. As reported last week, bookrunners are Mashreqbank, Noor, Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 and Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba . The loan matures in August 2011 and includes a one-year extension at the lenders' option, for which they will receive a 100 bps extension fee on the outstanding commitment, the source said. Banks are invited to commit $15 million and above as lead managers for an upfront fee of 200 bps, $10 million to $14 million as arrangers for a fee of 175 bps, or $5 million to $9 million as managers for a fee of 150 bps. Lenders can also commit in dirhams, the source added. Syndication is scheduled to be closed on November 12. The three-month bridge loan was provided by the bookrunners along with mandated lead arrangers Bank of Baroda Bank of Baroda (BSE: 532134) is a bank in India established on July 20, 1908 by Maharaja of Baroda Sir Sayajirao Gaekwad III, in the princely state of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalisd on 19th July, 1969, by the , Commercial Bank of Dubai, First Gulf Bank, JP Morgan Chase Bank, Lloyds TSB Bank, State Bank of India State Bank of India (SBI) (LSE: SBID) is the largest bank in India. If one measures by the number of branch offices and employees, SBI is the largest bank in the world. Established in 1806 as Bank of Bengal, it is the oldest commercial bank in the Indian Subcontinent. and Union National Bank. The banks will roll over their commitments from the bridge into the longer term loan, the source said. The loan is guaranteed by DIC's parent Dubai Holding, the investment vehicle of the ruler of Dubai. In addition, it is secured by shares in the special purpose vehicles which hold two of DIC's investments - its 45 per cent shareholding in KEF kef n. Variant of kif. Holdings and its 80 per cent shareholding in Travelodge, the source said.- Reuters Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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