Friday 26 July 2013

BOC to borrow US$ 200 m from NDB Emirates Bank

Wajid Kumaran exchanging the agreement
 signed with
  Raju Sivaram 
Bank of Ceylon (BOC) signed  a one year US$ 200 million syndicated loan facility, arranged by Emirates NDB Capital Limited, Dubai, CeyNews reported.  The loan has attracted the lowest rate below 3.00% per annum and the proceeds of syndication will be utilized for trade finance and general corporate purposes. Launched at an amount of US$ 150 million, the loan facility was well received in the market with the total book size reaching US$ 300 million during syndication, representing an impressive over subscription of 100%. The facility was finally closed at an increased amount of US$ 200 million.

 “The signing ceremony of the US$ 200 million syndicated loan facility has confirmed the Bank of Ceylon’s reputation in the international financial market and the trust that these lending institutions have placed on us. The BOC has been in the syndicated loan market over 15 years with an unblemished track record and the signing of the loan facility with Emirates NDB Capital Limited would be a landmark transaction in the syndicated loan market in Sri Lanka,” BOC Acting Chairman Raju Sivaram said. BOC Senior Deputy General Manager (International, Treasury and Investment) P. A Lionel said that BOC is planning to have more substantial deals even below this 3 percent rate in the future.

Emirates NDB Capital Limited Chief Executive Officer Mohammed Wajid Kumaran said the Emirates NDB Capital is remain commited to deliver quality investment banking solutions to Bank of Ceylon in future. Fourteen lenders, including Standard Chartered Bank Sri Lanka, The Commercial Bank of Qatar (QSC), Gulf Bank KSC, Burgan Bank SAK, Doha Bank QSC and National Bank of Abu Dhabi PJSC, Axis Bank DIFC Branch, Bank of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank, Habib Bank had participated in the loans . The Emirates NDB Capital Limited is the leading financial institution in Dubai with a strong track record in the syndicated loan market.