QNB closes syndication of $3bn loan

QNB Group has closed syndication of its $3 billion three-year senior unsecured term loan facility, the group announced Tuesday in a press release.
The syndication was well supported by 20 international banks and was over-subscribed. The new loan facility will be used for general corporate purposes and the interest rate is Libor plus 60bps per annum.
Barclays Bank PLC and HSBC together with The Bank of Tokyo-Mitsubishi UFJ, Ltd., Deutsche Bank A.G., Mizuho Bank, Ltd., Standard Chartered Bank and Sumitomo Mitsui Banking Corporation were mandated as initial mandated lead arrangers and bookrunners, the press release said.
The group also announced that it had already prepaid in full the earlier existing loan of $1.8 billion loan prior to issuing the above mentioned new loan facility.
Established in 1964 as the country's first Qatari-owned commercial bank, QNB has an ownership structure split between the Qatar Investment Authority (50 percent) and the private sector (50 percent).