Reed Smith banks record Middle East loan role
Reed Smith Richards Butler has landed a role opposite Linklaters advising Abu Dhabi Commercial Bank (ADCB) as it secured a $1.5bn (£760m) loan, the biggest syndicated loan for a Middle Eastern bank to date.
April 18, 2007 at 09:43 PM
2 minute read
Reed Smith Richards Butler has landed a role opposite Linklaters advising Abu Dhabi Commercial Bank (ADCB) as it secured a $1.5bn (£760m) loan, the biggest syndicated loan for a Middle Eastern bank to date.
Reed Smith Abu Dhabi managing partner Vince Gordon led the team for ADCB, which secured the loan with the support of 18 banks.
Linklaters advised lead arranger and lender ING Bank, under Dubai banking partner Tim Ross and London-based Charles Dunn.
The loan facility was originally $1bn (£506m) when it was launched, but it was over-subscribed and raised more than $1.7bn (£860m). ADCB decided to increase the facility to $1.5bn (£760m), making it the largest syndicated loan ever signed by a Middle Eastern financial institution.
The loan was arranged by Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commerzbank, ING and Standard Chartered. It has an initial maturity of five years and has two extension options.
The Middle East market has recently generated a string of high-value transactions. Ahli United Bank recently secured a $1.2bn (£607m) loan which, prior to the ADCB loan, was the largest in the region. Linklaters advised the arrangers for Ahli United Bank. The magic circle firm at the end of last year also advised on the biggest-ever Middle Eastern capital markets issue, advising ADCB as joint lead manger with the National Bank of Abu Dhabi.
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