Clyde & Co advises National Bank of Fujairah in its capacity as the global agent for a syndicate of banks on an AED 750 million
Clyde & Co has advised National Bank of Fujairah (NBF), in its capacity as global agent, on an AED 750 million syndicated loan for Pacific Control Systems. NBF Capital Ltd, a subsidiary of NBF acted as the financial advisor for this transaction. Pacific Control Systems will use the loan to finance its expansion and working capital requirements.
The transaction, a combination of Islamic and conventional financing structures, was oversubscribed by 33 per cent, receiving total commitments of AED 1 billion before being scaled back. It was underwritten by NBF and Al Khalij Commercial Bank QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
The other participating banks were Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also acted as the investment agent for the Islamic facility.
Clyde & Co's team was led by partners Adrian Low and Adil Hussain with assistance from Kristen Angus and Marcus George.
Banking & finance partner Adrian Low commented: "We are pleased to have played a...