DUBAI, Oct 17 (Reuters) - Emirates NBD (ENBD) raised a $2 billion three-year loan late last month, a representative for Dubai’s largest lender said.
A group of 18 banks committed to the transaction.
ENBD will use part of the loan proceeds to refinance an existing $1.7 billion term loan facility and the remainder for general corporate purposes.
“As a result of strong interest in the facility, Emirates NBD were able to upsize the facility to $2 billion whilst still applying significant scale-back and achieving a competitive funding cost,” the representative said.
Sources told Reuters in July that the bank was discussing a rollover of the $1.7 billion loan, which was signed in 2016 and was due in 2019.
Reporting by Davide Barbuscia; editing by Jason Neely