PCS plays a major role in the UAE's ongoing transformation into a knowledge-based economy. The interest that was received for the transaction is not just an endorsement of PCS' prospects, but also a demonstration of the institutional goodwill that can be mustered by NBF Capital on behalf of its clients.
PCS intends to use the amount, which has a tenor of 72 months, to finance its expansion and working capital requirements. The funds raised through the current syndication from NBF will enhance the capacity in data centre infrastructure, increase cloud services infrastructure and offer automated service portals and related services for customers in the GCC. PCS has partnered with Microsoft to deliver these services in the region.
The deal was originally valued at AED750 million but was oversubscribed by 33%, receiving AED1 billion in total commitments. It was underwritten by NBF and Al Khaliji Commercial Bank, as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
Other participating banks include Al Khaliji France, 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.
The syndication, a combination of conventional and Islamic financing structures, was PCS' second in the past three years. Its first club deal was facilitated by NBF in 2012, before the formation of NBF Capital. NBF acted as mandated lead arranger, bookrunner and underwriter for the syndication, which amounted to AED265 million.