Amret Plc. has successfully completed a three-year $50 million offshore syndicated term loan facility. The signing was held on 17 April, 2020.
Cathay United Bank (CUB) acted as the sole mandated lead arranger and bookrunner, and facility agent.
This transaction was an accomplishment amid the uncertainty caused by the Covid- 19 and the Russia-Saudi Arabia oil price war.
Supported by a core pool of Asian liquidity, the financing was concluded within two months of the launch and achieved a tighter pricing for Amret as compared to its last offshore syndication in July 2018.
The enthusiastic response from the Asian financial institutions, which resulted in an oversubscription, is a testimony to Amret’s robust credit quality.
Given the execution capability, CUB is the partner of choice for Amret’s future financing requirements.
“The loan proceeds will be use to further Amret’s mission to serve the underbanked and unbanked segment of the Cambodian population, improve the living standards of the people, and contribute to the economic and social development of the country. And Amret prides itself to deliver its financial services in the most socially responsible manner,” says Dos Dinn, CEO of Amret.
Amret serves more than 500,000 clients ranging from low- income farmers to SMEs with a full suite of loans, deposit and payments services. Amret has 158 branches nationwide complemented with a variety of digital channels, enabling broad access. Amret employs more than 4,500 personnel and has assets over $1 billion. Its deposits exceed $500 million.
Amret is a subsidiary of the Advans Group, a leading international microfinance group providing financial services to low-income segments and SMEs in 10 countries. FMO and IFC are two other shareholders with over 1 billion in assets.
About Cathay United Bank
Cathay United Bank (https://www.cathaybk.com.tw/cathaybk/) is one of the leading banks in Asia.
As of December 31, 2019, the company had total assets of over $99 billion and over nine million customers. Cathay United Bank has overseas footprints in China, Vietnam, Cambodia, Hong Kong, Singapore, Malaysia, Laos, the Philippines, Thailand, Myanmar and Indonesia.