BAHRAIN, 14 August 2006 — Arab Banking Corporation (BSC) (ABC), the sole mandated lead arranger, underwriter and book-runner, said yesterday that it had successfully closed syndication for a 10.5-year term loan facility for IceSing ehf. The facility is used to part finance the acquisition and lease to Singapore Airlines Cargo of a Boeing B747F aircraft. ABC is the facility agent.
Syndication was launched on a very selective basis and received strong support from the regional and international bank market with the facility being oversubscribed by more than 30 percent.
The syndication comprises Arab Banking Corporation (BSC) as mandated lead arranger, underwriter and book-runner, and Norddeutsche Landesbank Girozentrale, First Gulf Bank and Arab Bank plc, Singapore branch, as lead arrangers.
Meanwhile, Arab Banking Corporation (BSC) (ABC) and Calyon have been mandated jointly to arrange and underwrite a $160 million term debt facility for ALAFCO Aviation Lease and Finance Company-KSCC.
Syndication has been launched for the 12-year term loan facility for ALAFCO. The purpose of the facility is to part-finance the acquisition of five new Boeing B737-800 aircraft leased to and operated by Turkish Airlines Inc.
ALAFCO was first launched in 1992 as a subsidiary venture of Kuwait Airways Corporation. In 1999, Kuwait Finance House acquired a controlling stake of the company. ALAFCO’s main shareholders are Kuwait Finance House (53 percent) and Kuwait Airways (11 percent).
