DUBAI: Mashreq announced closing a US$88 million one-year syndicated term loan facility for Joint-Stock Commercial Bank ‘Agrobank’. Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.
Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75%, and its proceeds will be used towards general corporate purposes.
Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said, ‘We are pleased to have facilitated this landmark deal with Agrobank and be part of the bank’s growth journey. The collaboration reinforces Mashreq’s commitment to fostering growth in emerging markets and supporting small businesses operating in vital sectors, such as agriculture.’
The facility was initially launched at US$50 million and closed at US$88 million due to the positive market interest from investors in the Middle East, Europe, and the Commonwealth of Independent States (CIS) region.
Sou
rce: Emirates News Agency