NBF Capital Limited, a subsidiary of National Bank of Fujairah, has successfully raised Dh1 billion on behalf of Pacific Control Systems LLC.
NBF Capital, regulated by the Dubai Financial Services Authority and a fully-owned subsidiary of NBF, acted as the exclusive financial advisor for the syndication.
The deal was originally valued at Dh750 million but was oversubscribed by 33 percent, receiving Dh1 billion in total commitments. It was underwritten by NBF and Al Khalij Commercial Bank QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
The other participating banks in this transaction are Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also served as the investment agent for the syndication.
Pacific Control Systems is a leading provider of information communication technologies globally. The company intends to use the deal, which has a tenor of 72 months, to finance its expansion and working capital requirements.
The syndication, a combination of conventional and Islamic financing structures, was Pacific Controls' second syndication over the past three years; its first club deal was facilitated by NBF in 2012, before the formation of NBF Capital. Then, the bank acted as mandated lead arranger, bookrunner and underwriter for the syndication, which amounted to Dh265 million.
NBF Capital's latest transaction follows its Best Corporate Advisory Service win at the Banker Middle East UAE Product Awards 2015. Incorporated less than two years ago in the Dubai International Financial Centre, NBF Capital is fast cultivating a reputation as a bespoke corporate advisory player with sectoral expertise in areas from healthcare, precious metals and manufacturing to ICT. It currently has over Dh2.5 billion worth of deals that are closed or in the pipeline.