2024-03-17 23:22:10
Bank of Sharjah participated in financing a high-level deal, as the lead arranger for a joint revolving financing amounting to US$800 million over a period of four years, for Investcorp Capital, in cooperation with a group of international and regional banks.
Sharjah 24:
Bank of Sharjah, one of the leading commercial banks in the United Arab Emirates, continues its commitment to developing and expanding the scope of its financing activities at the local, regional and international levels. In this regard, the bank participated in financing a high-level deal, as the lead arranger for a joint revolving financing amounting to US$800 million over a period of four years, for Investcorp Capital, in cooperation with a group of international and regional banks.
This deal received widespread positive feedback and great interest from the market, resulting in a large subscription coverage that exceeded expectations. This enabled Investcorp to obtain US$800 million instead of the initial amount of US$600 million.
Commenting on the conclusion of this successful transaction, Mohamed Khediri, CEO of Bank of Sharjah, said: “This strategic cooperation confirms the role of Bank of Sharjah in facilitating major financing and supporting the growth ambitions of its clients. The large underwriting coverage reflects the solidity and strength of Investcorp’s business fundamentals and the strength of Its credit tendency in the market.
Abbas Radwi, CFO of Investcorp Capital, added: “We are pleased to welcome our new business partners to Investcorp Capital. Our capital financing services business has grown by 47% year-on-year. With this successful refinancing transaction on competitive terms, we are at “We are well positioned to grow our business and deliver strong returns to shareholders.”
Khediri also explained, saying: “Although the Investcorp Group has dealt with global financial markets in the past to obtain the necessary financing for it, the success of this joint financing is of great strategic importance, and constitutes a milestone in the history of Investcorp Capital, given that it is a newly established subsidiary.” “The participation of 22 banks in this transaction confirms the credibility of the Investcorp Group and its global scope.”
Mr. Khediri concluded by saying: “We are very pleased to have Investcorp as one of our international clients, and this deal is only the beginning of a long-term partnership that is mutually beneficial to both parties. This financing represents a new addition to the record of achievements and rich history of the Bank of Sharjah in providing valuable financing products and services.” “In addition to providing financial consultations locally and regionally, we will continue our efforts to achieve the bank’s strategic objectives, in order to strengthen and confirm our position as a leading banking institution in the Emirate of Sharjah and the UAE, always striving to meet the needs and requirements of our customers.”
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