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- Emirates NBD Capital acted as the Sole Coordinator, Initial Mandated Lead Arranger and Bookrunner
Dubai: Emirates NBD Capital Limited (“EMCAP”), the investment banking arm of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, announces that it has successfully acted as the Sole Coordinator, Initial Mandated Lead Arranger and Bookrunner for Beko B.V.'s debut EUR 350 million global syndicated term loan facility on 14 August 2024. Emirates NBD Bank (P.J.S.C.) served as the Facility Agent.
Beko B.V., incorporated in the Netherlands, is a wholly owned subsidiary of Beko, a leading global manufacturer of white goods with subsidiaries in 58 countries.
The three-year syndicated term facility marks Beko's entry into the syndicated loan market, setting precedent for its future financings. The proceeds of the facility will be used towards general corporate purposes and is aimed at supporting Beko’s principal activities in managing overall business strategies and business development process for the subsidiaries.
EMCAP successfully marketed the transaction resulting in strong interest from financial institutions across Europe, Middle East and Asia. The transaction was met with overwhelming demand from 14 financial institutions, leading to a 200% oversubscription from the initial launch amount of EUR 250 million. Beko, in response to the strong demand, elected to upsize the facility to EUR 350 million. This successful transaction not only highlights Beko’s solid credit profile but also enables the company to globally diversify its investor base.
Hitesh Asarpota, CEO of Emirates NBD Capital, said: “We are proud to have played a pivotal role in facilitating Beko’s debut global loan transaction. The transaction marks a significant milestone for Beko B.V. as they enter the syndicated loan market for the first time. The strong demand from global investors is a clear reflection of Beko’s financial standing and strategic vision. At Emirates NBD Capital, our focus is on delivering tailored financing solutions that enable our clients to achieve their business objectives. This landmark transaction also underscores our strategy to be the go-to bank for international issuers to widen investor base.”
Barış Alparslan, CFO of Beko, said: ”Securing our first syndicated loan facility is a major achievement for Beko. This transaction reflects our robust financial health and our ability to attract a broad range of investors. The support from Emirates NBD Capital and our syndicate partners has been instrumental in enabling us to pursue our strategic objectives and continue our growth trajectory.”
Participating Banks
Sole Coordinator and Initial Mandated Lead Arranger and Bookrunner:
- Emirates NBD Capital Limited
Mandated Lead Arrangers:
- Banco Bilbao Vizcaya Argentaria, S.A., London Branch
- Commercial Bank of Dubai PSC
- First Abu Dhabi Bank PJSC
- GarantiBank International NV
- Societe Generale
Lead Arrangers
- Bank of China Turkey A.S.
- Burgan Bank K.P.S.C.
- State Bank of India, London Branch
Arrangers
- DHB Bank N.V.
- HSBC Continental Europe
- Isbank AG
- J.P. Morgan SE
- T.C. Ziraat Bank A.S. London Branch
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2024, total assets were AED 902 billion, (equivalent to approx. USD 246 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 858 branches and 4,450 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
About Beko
Beko has 55,000 employees throughout the world with its global operations through its subsidiaries in 58 countries and 45 production facilities in 13 countries. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko became the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 8 billion Euros in 2023. Beko’s 31 R&D and Design Centers & Offices across the globe are home to over 2,300 researchers and hold more than 3,500 international registered patent applications to date. For the 5th consecutive year, the highest score in the DHP Household Durables industry (based on the results dated 27 October 2023) in the Dow Jones Sustainability Index of the S&P Global Corporate Sustainability Assessment was achieved.** Beko’s vision is ‘Respecting the World, Respected Worldwide.’
*Licensee limited to certain jurisdictions.
**The data presented belongs to Arçelik A.Ş., a parent company of Beko.
