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.
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