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Clifford Chance advises First Gulf Bank on the largest loan market transaction undertaken by a financial institution in the UAE this year

The Abu Dhabi office of Clifford Chance advised First Gulf Bank (FGB), a major leading financial institution headquartered in Abu Dhabi, UAE, on a new three-year US$900 million senior unsecured Term Loan Facility with a group of international banks.

The loan facility was signed at a ceremony on 13 November at the Emirates Palace in Abu Dhabi attended by Andre Sayegh, the CEO of the bank, and a number of other members of senior management.

The deal is the largest loan market transaction undertaken by a financial institution in the UAE this year. The loan’s size and pricing sets a new benchmark in the current market and was oversubscribed during the syndication process.

The deal lenders include The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citibank, N.A., UAE Branch, Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, HSBC Bank Middle East Limited, Mizuho Corporate Bank, Ltd., National Bank of Abu Dhabi PJSC and Standard Chartered Bank as Initial Mandated Lead Arrangers and Bookrunners, Bank of America Merrill Lynch, Bank of China, London Branch, Samba Financial Group and Union National Bank PJSC as Mandated Lead Arrangers, and Al Khalij Commercial Bank QSC and Arab Bank PLC as Arrangers.

The Clifford Chance Abu Dhabi team was led by partner Richard Ernest with associate Nick Dilda. Matthew Escritt, a partner at Norton Rose in Dubai, acted for the lenders, assisted by Ahmet Kalafat.

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