Bank ABC
ABC
ABC
Bahrain Facilities
BCFC
BCFC
Bahrain Commercial Facilities Company -BCFC has successfully closed a US$53 million floating rate, unsecured note issuance due in 2019.
Arab Banking Corporation (ABC) was the sole Lead Manager.Trowers&Hamlins acted as lead counsel to the issue.
According to a bourse filling by ABC the notes are issued through a private placement and have a maturity of 5 years, with interest paid semi-annually in arrears. The Notes are fully underwritten by Arab Banking Corporation.
The issue of Notes is in line with BCFC 's policy to diversify its sources of funding base, to enhance its financing operations and to spread the maturities of its liabilities. The funds raised from the issue of the Notes will be applied to fund the growth in BCFC loan portfolio and for general corporate purposes. The transaction attracted investors from the UAE, in addition to local participants from Bahrain.
Noteworthy, BCFC reported 35.4% hike in Q2 profits, reaching BD4.2m against BD3.1m earned in the same period last year.
In six months, the company posted 13% cent rise in consolidated net profit at BD7.2 million ($19.1m) for the first six months of the year when compared with BD6.4m for the same period last year.
Arab Banking Corporation (ABC) was the sole Lead Manager.Trowers&Hamlins acted as lead counsel to the issue.
According to a bourse filling by ABC the notes are issued through a private placement and have a maturity of 5 years, with interest paid semi-annually in arrears. The Notes are fully underwritten by Arab Banking Corporation.
The issue of Notes is in line with BCFC 's policy to diversify its sources of funding base, to enhance its financing operations and to spread the maturities of its liabilities. The funds raised from the issue of the Notes will be applied to fund the growth in BCFC loan portfolio and for general corporate purposes. The transaction attracted investors from the UAE, in addition to local participants from Bahrain.
Noteworthy, BCFC reported 35.4% hike in Q2 profits, reaching BD4.2m against BD3.1m earned in the same period last year.
In six months, the company posted 13% cent rise in consolidated net profit at BD7.2 million ($19.1m) for the first six months of the year when compared with BD6.4m for the same period last year.
Source:
Mubasher
