Banks launch AED 4.4 billion Nakheel syndicated deal
Initial Mandated Lead Arrangers, Underwriters and Bookrunners, Emirates Bank International PJSC, Mashreqbank psc, Noor Islamic Bank PJSC, and Samba Financial Group today launched a general syndication on an AED 4.4 billion (or equivalent in USD) receivables financing transaction for Nakheel.
The facility which matures in January 2011 includes both a conventional and an Islamic tranche and may be funded by way of USD or AED. Samba Financial Group is the Structuring Bank, Conventional Documentation Bank and Facility Agent. Noor Islamic Bank PJSC is the Islamic Documentation Bank and Investment Agent. The size of each tranche will be finalized after syndication, and potential financiers are invited to participate in either tranche or currency. Proceeds of the facility will be used by Nakheel for its general corporate funding needs.
