Unatrac Holding Ltd., a Dubai-based dealer of Caterpillar Inc. machinery, raised a $700 million loan from a group of 15 banks for working capital and to repay debt.
The three-year revolving credit facility pays interest at 400 basis points, or 4 percentage points, more than the London interbank offered rate, the company said in an e-mailed statement. Barclays Plc, Citigroup Inc and JPMorgan Chase & Co. arranged the financing.
The company, owned by the Mansour family, increased the loan from $600 million after Unatrac received offers for almost twice that amount, according to the statement. In a revolving credit facility, money can be borrowed again after it is repaid.
The other banks in the syndicate are Caterpillar Financial Services (Dubai) Ltd, Commercial International Bank (Egypt) SAE, HSBC Bank Middle East Ltd., Mashreqbank PSC, Qatar National Bank Group acting through Commercial Bank International PSC and National Société Générale Bank SAE, Standard Bank Group Ltd., First Gulf Bank PJSC, Standard Chartered Plc, Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai PSC and Bank Audi SAL.