Du signs $220m loan deal

07 June 2011

Money will be used to repay existing loan

Emirates Integrated Telecommunications Company (Du) has secured a three-year $220m loan facility as part of its capital optimisation programme.

National Bank of Abu Dhabi, Emirates NBD and Samba Financial Group were the lead arranges for the facility. Mashreq Bank acted as co-arranger. The deal carries of margin of 1.45 per cent per annum over Libor.

“Some of the loan facility will be used to repay the existing AED3bn ($817m) loan that is due on 30 June, and the rest will be used to fund our ongoing investments,” says Osman Sultan, chief executive officer of Du.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications