Commercial Bank closes a USD 500 million Syndicated Term Loan Facility

Doha, Qatar, Wednesday, 24 July 2024: Commercial Bank has successfully closed a 3-year USD 500 Million Syndicated Term Loan Facility led by Bank of America, Mizuho Bank, and SMBC Bank as joint coordinators and Bookrunners of the facility. 

The syndication was launched at an initial value of USD 500 million. The transaction received strong interest from the market and was significantly oversubscribed at a value of USD 1.015 billion, demonstrating investor confidence in Commercial Bank's financial performance and management, as well the strength of the Qatari economy. Ultimately, the Bank decided to close the facility at the launch amount of USD 500 Million, reflecting its strong liquidity position. The proceeds from the facility were used to replace an existing facility and for Commercial Bank's general funding requirements. 

Joseph Abraham, Group CEO of Commercial Bank said: “The execution of our strategic plan is recognized by the market and Commercial Bank has a strong track record of international debt issuance, reflected in the quality and geographical diversity of the participating banks. I would like to thank our coordinator banks and other partners for their support in making this transaction a success." 

Fahad Abdulrahman Badar, EGM, Chief Wholesale and International Banking Officer at Commercial Bank said: “The oversubscription of 2.30 times the original value combined with competitive pricing and diversity of lenders reflects the Asian investor community's confidence in the strength of Qatar's banking system." 

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