Dubai's ICD launches $2bn loan refinancing
Dubai, March 18, 2013
Investment Corporation of Dubai (ICD) said on Monday it has launched syndication of $2 billion conventional and Islamic financing facilities to refinance a $2 billion loan due to mature in August.
A bank meeting will be held in Dubai during the week commencing March 24.
Abu Dhabi Commercial Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD Bank and HSBC are mandated lead arrangers on the conventional facilities. Abu Dhabi Islamic Bank, Dubai Islamic Bank and Standard Chartered Bank are doing the same for the Islamic facilities.
The new, five-year senior unsecured financing will replace the remaining $2 billion five-year tranche of an original $6 billion three- and five-year loan signed in August 2008.
The $4 billion three-year tranche, due in August 2011, was repaid in full.
ICD started talks with banks over the refinancing of the loan in February.
ICD is Dubai's flagship investment vehicle, holding stakes in some of the emirate's best-known companies, including Emirates airline, the bank Emirates NBD and Emaar Properties. - Reuters
More Finance & Capital Market Stories
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF