Newton Legal Advises Arrangers in Eskan Bank Syndicated Financing

30 September 2024

Newton Legal advised the arrangers in the syndicated shariah complaint multi-currency financing of Eskan Bank. The transaction encompassed a US$ 266,000,000 term facility and a BHD 150,000,000 revolving credit facility, totalling approximately US$ 664,850,000. The financing aimed to support Eskan Bank’s mandate to expand and offer housing programs to Bahraini nationals. A number of financial institutions participated in the deal, including the National Bank of Bahrain, Bahrain Islamic Bank and Boubyan Bank.

The firm, acting as local counsel, advised the arrangers on the transaction documents, participated in negotiations with Eskan Bank and advised on the corporate authorisations, navigating the considerations related to nature of Eskan Bank as a state-owned company established by decree. The team was comprised of Ahmed Al Fardan and Omaima Al Kooheji.