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FRANSABANK has successfully completed the process of issuing Euro-CDs for USD60 million in amount, for five years maturing in December 2007, and for a semi-annual coupon of 8.5%. The issue is listed on Luxembourg international stock exchange. This issue was led by Merrill Lynch International as an exclusive senior manager, and Fransa Invest Bank acted as a senior co-manager. FRANSABANK intends to use the collected funds in financing investment, development and reconstruction projects in Lebanon , in line with its essential economic role and its leading position in the Lebanese banking sector. This new Euro-CDs issue is the second tranche of the USD300 million Euro-CDs program, which the Bank launched in October 1997. The Bank’s new issue was oversubscribed, as total subscriptions reached more than USD100 million whereby its demand was only USD60 million, and it chose to take only USD60 million. Subscriptions included several commercial and financial institutions, besides individual investors from Lebanon and abroad. It was also characterized by its relatively low cost when compared to other Lebanese issues on international markets where the cost of some of them reached 9.50% and for shorter maturities.
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