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Qatar's Ezdan Holding seeking syndicated loan - sources
October 16, 2016 / 1:51 PM / a year ago

Qatar's Ezdan Holding seeking syndicated loan - sources

DOHA, Oct 16 (Reuters) - Qatar’s Ezdan Holding, a real estate developer, is seeking a U.S. dollar-denominated syndicated loan, banking sources said.

The facility is being arranged by banks outside Qatar, with Dubai’s Mashreq bank and HSBC playing lead roles, the sources said.

The Qatari company declined to comment.

The loan is upwards of $500 million, said one banker familiar with the situation, adding Ezdan was looking outside the country for funding because of caps on domestic borrowing imposed by the central bank.

Another banker said the loan would be finalised by the end of this month.

Ezdan closed in October last year a $500 million Islamic loan. Mashreq’s Islamic arm was the bookrunner for that loan, which saw the participation of Abu Dhabi Islamic Bank, Ahli United Bank, Emirates NBD, Gulf International Bank and HSBC.

In May this year, the company issued a debut $500 million, five-year sukuk with a profit rate of 4.375 percent. Barwa Bank, Emirates NBD Capital, HSBC and Mashreq arranged the sukuk. Abu Dhabi Islamic Bank joined the deal before its close. (Editing by Andrew Torchia and Mark Potter)

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