Al Ahli Bank of Kuwait and ABK-DIFC close landmark $825m facility

By Gloria Methri

Al Ahli Bank of Kuwait has successfully closed a 37-month $825 million Term Loan Facility, one of the largest financings secured by any Kuwaiti financial institution since January 2010.

The loan facility has been designed to be used for general corporate purposes and working capital requirements. The syndication was launched in October and the facility was signed on 30 November 2022 in Kuwait.

The deal was well received in the international and regional markets, with ABK increasing the financing from the initial launch amount. A diversified group of 13 global investors from North America, Europe, Asia, and the Middle East also participated in the ‘landmark’ transaction.

Citibank, N.A., London Branch, and Sumitomo Mitsui Banking Corporation, DIFC Branch acted as Joint Coordinators for the transaction. Abu Dhabi Commercial Bank PJSC, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, Mizuho Bank, Ltd. Acted as the Initial Mandated Lead Arrangers and Bookrunners.

George Richani, Group Chief Executive Officer at ABK, said, “We are proud of the successful closing of this Facility, which is evidence of the trust worldwide investors have in ABK, its strategy, and future outlook. This facility is the largest in ABK’s history and will enable us to continue growing, expanding our business, and strengthening our relationships.”

Noura Abdulmohsen Alduweesh, General Manager for Treasury and Investment at ABK, noted, “Amidst a period of market uncertainty, this financing was oversubscribed which is a testament to the strength and reputation of ABK in regional and international markets. ABK’s position and vision helped in closing the facility in a short period of time, we thank the respective transaction teams for their diligence and hard work.”

Rami El Rifai, General Manager & Senior Executive Officer at ABK DIFC said, “This deal falls in line with the ABK-DIFC vision to become a gateway for international business and provide infrastructure support for the ambitions of ABK. We strongly value our growing relationships around the globe and will work towards reinforcing these partnerships.”