National Bank of Fujairah leads AED 261 million syndication facility on behalf if Lifeline Hospital Group
Debut facility will finance the medical group’s expansion plans and underscores Bank’s strong syndication capabilities and business pipeline
1 November 2011: The National Bank of Fujairah (NBF) has announced that it has closed a AED 261 million long term syndicated loan for Lifeline Hospital Group (Lifeline). The Bank is the Initial Mandated Lead Arranger and Underwriter for the facility.
Lifeline, a leading healthcare provider in Abu Dhabi, will use the loan to finance its business expansion plans, which include the construction of Burjeel Hospital, a tertiary care hospital in the emirate.
The NBF-led syndication was oversubscribed and sees First Gulf Bank participating as Mandated Lead Arranger, with Ajman Bank and United Arab Bank rounding up the group as Lead Arrangers. The facility has received a positive response from banks and provided Lifeline the flexibility of exercising a green shoe option.
Chief Executive Vince Cook said that the loan demonstrates NBF's commitment in leveraging its strong syndication capabilities in support of the regional economy: "The healthcare sector plays an important role in UAE's development as a services hub, and we are pleased to partner Lifeline as it helps the industry grow from strength to strength.
"More significantly, this transaction is one of a steady pipeline of transactions that would see us maintain double-digit growth in our loan book and round off the year on a positive note. We would like to thank the participating banks for their support."
Dr. Shamsheer V.P., Managing Director of Lifeline Group, said: "Since commencing operations in 2007, Lifeline has managed to establish itself as a key healthcare provider with three hospitals and other healthcare-related interests. Our growing ambitions were met with the help of an experienced and well-respected partner such as NBF, and we thank the Bank for facilitating this successful transaction. We would also like to thank First Gulf Bank, Ajman Bank and United Arab Bank for their contribution to the syndication and their trust in our abilities."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 13 across the UAE.