People’s Leasing to secure $50 mln from Middle Eastern banks by November
People’s Leasing and Finance Plc (PLC), in negotiation with Middle Eastern banks in a bid to raise US$ 50 million, has cleared all approvals with the Gulf bank credit committees and is awaiting the funds by mid next month, officials said.
“The formalities are being sorted out and most of the loan syndication has been done,” a PLC official told the Business Times, adding that it will be almost a month before the cash comes through.
A syndicated loan is one that is granted by a group of lenders and is structured, arranged, and managed by one or a number of commercial banks or investment banks known as arrangers. The arrangers provide the investment-banking part of raising investor funding for an issuer in want of capital.
PLC raised $10 million from the Middle East under the External Commercial Borrowing Scheme introduced via the government’s 2013 Budget some months ago. The official said that Emirates NBD, the largest banking group in the Middle East in terms of assets is managing this process.
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