UAE bank FGB raises $1bn loan for general purposes

First Gulf Bank (FGB), the third-largest lender by assets in the United Arab Emirates, has raised a $1bn loan to be used for general financing purposes, the lender said in a statement on Sunday.

The bank will pay 70 basis points over the London interbank offered rate (LIBOR) for the three-year facility, which is structured as a bullet loan which means the principal will be repaid at the end of the term.

The terms are the same as reported by Reuters last week, citing sources.

Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank, HSBC, ING, Mizuho, Natixis, Sumitomo Mitsui Banking Corp, UniCredit and Wells Fargo Bank were mandated lead arrangers and bookrunners for the transaction, the statement added.