First Gulf Bank signs loan

First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900 million loan with a group of international lenders, the bank said in a statement on Tuesday.

The senior unsecured facility was increased from the original $800 million amount because of demand from banks wanting to join the deal, First Gulf said.

The loan, priced at 130 basis points over the London interbank offered rate (Libor) will be used for general corporate purposes.

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