Du repays $817m loan

04 July 2011

UAE telecom firm repays first borrowing from 2008

UAE telecommunications company Du has paid off a AED3bn ($817m) loan as part of its plans to make better use of its financial resources. The company repaid the facility at maturity on 30 June.

The deal was Du’s first debt offering in 2008 and was used to finance the build out of its network in the UAE. In early June, Du closed a new $220m loan that it said would be used to repay debt.

Shares in the company rose 2.89 per cent on 3 July after the announcement was made.

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