&lt;Arabian Investment Banking Corp EC> (Investcorp) signed for a 75 mln dlr revolving credit facility one of the lead managers &lt;Arab Banking Corp> ABC said. The facility was first mandated for 50 mln dlrs but was increased before syndication to 60 mln when a lead group of six banks was formed. Strong demand during syndication led to another increase in the final amount to 75 mln dlrs. ABC said the facility with a final lending syndicate of 32 banks from 13 countries is part of Investcorps strategy to develop and diversify its source of funds and reduce its borrowing costs. ABC as overall arranger said the facility will be used to finance Bahrain-based Investcorps general corporate funding requirements. It can be exercised in three different ways. These are through the issue of euronotes or advances by tender the extension of committed advances by underwriting banks or the issue of contingent obligations from a panel of selected banks. The facility has a maturity of three years with interest on committed advances based on utilisation from 17.5 basis points over London Interbank Offered Rates for one third to 20 basis points for two thirds and 22.5 for an amount above that level.
INVESTCORP SIGNS FOR 75 MLN DLR CREDIT FACILITY