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International law firm Trowers & Hamlins has advised the Bank of Bahrain and Kuwait (BBK) in relation to a USD500 million three-year club loan facility, coordinated by the Arab Banking Corporation (Bank ABC).  

Bank ABC, DenizBank AG, Emirates NBD Capital Limited, First Abu Dhabi Bank, Gulf International Bank, and Standard Chartered Bank acted as Initial Mandated Lead Arrangers and Bookrunners (IMLABs) and Bank Muscat and Mashreqbank PSC as Initial Mandated Lead Arrangers (IMLAs) and Emirates NBD Bank acted as facility agent.

The facility will be used to fund BBK's strategic initiatives, support the growth of its business lines, and refinance its 2023 term facility. In line with BBK's sustainability goals and its efforts to diversify its funding sources, the facility is structured to include an option to convert the financing into a sustainability-linked loan.  

Trowers advised BBK on all matters relating to the financing, including negotiating and finalising the finance documents, which included sustainability related provisions.

Yaser Alsharifi, BBK’s group Chief Executive, commented: 

“The successful closing of this facility underscores BBK’s robust financial standing and commitment to sustainable growth.” 

Elias Moubarak, who led the Trowers team, added: 

“Many congratulations to the BBK team, as well as the arranging banks, who worked tirelessly to ensure that this transaction achieved financial close within tight timeframes. We are proud to have played a role in supporting BBK on this landmark transaction, which highlights BBK's strategic vision and its ability to attract significant investment.”

The team was led by Partner and Head of Debt Finance-UAE, Elias Moubarak, who was supported by Partner Bilal Kahlon and Associates Abdullah Rauf Puri and Emilia Smart.