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Mumtalakat secures $500m loan from banks

Bahrain-based sovereign fund Mumtalakat has secured a revolving credit facility of $500m from various banks.

Loan

Mumtalakat intends to use the five-year loan amount for general business purposes as well as to refinance existing debt, Reuters reported.

Bank of Tokyo-Mitsubishi, BNP Paribas, Deutsche Bank and Standard Chartered, as well as local institutions Arab Banking and National Bank of Bahrain provided the loan.

The state-owned fund Mumtalakat signed the loan prior to the end of 2014.

Mumtalakat is said to have concluded a $250m revolving credit facility in September 2013 through five Bahraini as well as regional banks, Reuters reported.

In November 2014, the firm sold a seven-year $600m Islamic bond at 205 basis points over midswaps.

At the end of September 2014, Mumtalakat had $7.1bn of assets under management.

Mumtalakat was established in June 2006 as an independent holding company and was created to align and implement the execution of the government’s initiatives to pursue new opportunities and improve transparency.


Image: Mumtalakat will use the loan amount to refinance existing debt. Photo: courtesy of Danilo Rizzuti/ FreeDigitalPhotos.net