Sept. 14 (Bloomberg) -- First Gulf Bank PJSC, a lender controlled by Abu Dhabi’s ruling family, said it hired eight banks to arrange an $800 million loan, the third Middle Eastern bank to borrow from the syndicated loan market since August.
The three-year facility will be provided by Bank of Tokyo-Mitsubishi UFJ Ltd., Citigroup Inc., Commerzbank AG, Deutsche Bank AG, HSBC Holdings Plc, Mizuho Financial Group Inc., National Bank of Abu Dhabi PJSC and Standard Chartered Bank, according to an e-mailed statement from Mizuho. BTMU is facility agent and coordinator.
The loan will pay an interest margin of 130 basis points more than the London interbank offered rate, lenders said in the statement. The bank has a $825 million syndicated loan maturing in November 2012, Bloomberg data show. That loan, signed in November 2007, pays an interest margin of 27.5 basis points over Libor. A basis point is 0.01 percentage point.
Qatar National Bank signed a $1.8 billion three-year loan with banks on Aug. 8. National Bank of Oman got a $250 million three-year loan on Aug. 12.
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