In the first Irish euro denominated loan facility, ICC Investment Bank (ICCIB), a subsidiary of the State-owned ICC Bank, has arranged a €350 million (£280 million) revolving credit facility. It is the third euro denominated syndicated loan facility ever issued.
The latest funding is the largest ever arranged by ICCIB, which is the funding vehicle for the ICC Bank. It follows a £115 million facility arranged in January 1996. ICCIB sought funding of €200 million but when the facility was oversubscribed it took up the €350 million offered. The funds will be used to back the expansion of the bank's services.
The funding is priced at 0.125 percentage points over the Dublin Interbank Offer Rate (DIBOR) and does not carry a State guarantee. The multi-currency facility has been provided by 26 banks in 11 countries. It was arranged jointly by ABN Amro Bank and Den Danske Bank.
