"Unatrac Holding Ltd., a Dubai-based dealer of Caterpillar Inc. (CAT) machinery, raised a $700 million loan from a group of 15 banks for working capital and to repay debt.
The three-year revolving credit facility pays interest at 400 basis points, or 4 percentage points, more than the London interbank offered rate, the company said in an e-mailed statement. Barclays Plc (BARC), Citigroup Inc and JPMorgan Chase & Co. (JPM) arranged the financing.
The company, owned by the Mansour family, increased the loan from $600 million after Unatrac received offers for almost twice that amount, according to the statement. In a revolving credit facility, money can be borrowed again after it is repaid."
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