Al Ahli Bank of Kuwait and ABK-DIFC Close Landmark $825 Million Term Loan Facility

Deal Well Received and Oversubscribed in International and Regional Markets

Kuwait, December 28 2022

Al Ahli Bank of Kuwait K.S.C.P is pleased to announce it has successfully closed a 37-month USD 825 million Term Loan Facility, securing the largest financing related to a Kuwaiti financial institution since January 2010.

The 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 30 November 2022 in Kuwait.

The deal was well received in the international and regional markets and ABK succeeded in increasing the financing from the initial launch amount, after achieving an oversubscription of almost 30%. A diversified group of 13 global investors from North America, Europe, Asia and the Middle East participated in the landmark transaction.

Citibank, N.A., London Branch and Sumitomo Mitsui Banking Corporation, DIFC Branch acted as Joint Coordinators for the transaction, together with Abu Dhabi Commercial Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, Mizuho Bank, Ltd. as the Initial Mandated Lead Arrangers and Bookrunners. The Saudi British Bank and Mashreqbank PSC as Mandated Lead Arrangers, the Saudi National Bank as Lead Arranger and Standard Chartered Bank as Arranger.

Mr. 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. I would like to thank our partners and staff who spared no effort to achieve the best possible outcome.”

Ms. 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.”

Mr. 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.”