Dubai – Mubasher: Emirates NBD Capital, the investment banking arm of Emirates NBD, has arranged a $500 million syndicated revolving credit facility (RCF) for Lenovo Group Limited.
The facility marks Lenovo's first entry into the Middle East Syndicate Loan Market and is aimed at backing the technology leader's corporate and operational financing needs, according to a press release.
Moreover, the credit agreement aligns with Lenovo's commitment to innovation in PC manufacturing and smartphone production, in addition to delivering advanced technology solutions for businesses as well as consumers alike.
The offering resulted in a demand that exceeded more than twice the initial launch amount of $300 million.
Supported by robust regional demand from 11 financial institutions spanning the UAE, Jordan, Kuwait and Bahrain, Lenovo decided to expand the facilities.
The transaction concluded at a final size of $500 million.
Hitesh Asarpota, CEO of Emirates NBD Capital, said: “This landmark transaction also underscores our strategy to be the go-to bank for international issuers looking to access regional liquidity.”
Hugh WU, Vice President and Treasurer of Lenovo, added: “This inaugural transaction in the Middle East demonstrates Lenovo’s strength as a major well-diversified IT vendor in attracting global capital.”
Emirates NBD Capital Limited acted as the solo initial mandated lead arranger and bookrunner.
Mandated lead arrangers and bookrunners were AL Ahli Bank of Kuwait, Mashreq Bank, Abu Dhabi Commercial Bank (ADCB), and Gulf Bank.
In 2023, Emirates NBD posted 65% year-on-year (YoY) higher net profits after tax at AED 21.52 billion, compared to AED 13.01 billion.
