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MENAFN - Arab News - 23/06/2014
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(MENAFN - Arab News) Investcorp haa signed a 400 million revolving credit facility (rcf) among a syndicate of banks.

the facility attracted more than 650 million in commitments from 14 banks resulting in a significant scaling down of all lenders' commitments together with a slight increase in the aggregate deal size.

the rcf replaces investcorp's current 3-year multi-currency bank facility (maturity september 2015) and extends the tenor of the borrower's bank debt to over four years.

maturing in july 2018 the facility also smoothens and extends investcorp's liability profile following its successful swiss bond debut and the company's medium-term debt portfolio now has an average maturity of 45 months compared to 26 months as at december 2013.

coordinators and bookrunners were commerzbank ag and royal bank of scotland who were joined by the institutions — al khalij commercial bank (al khaliji) qsc barclays bank plc citibank na deutsche bank ing commercial banking and j.p. morgan ltd. as bookrunners; bank of america and societe generale as mandated lead arrangers; credit suisse and gulf bank ksc ad lead arrangers; and jefferies finance llc and united arab bank pjscas arrangers.

commerzbank is acting as facility agent and royal bank of scotland as documentation agent.


 


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