Airport retailer Dubai Duty Free looks for new borrowing
The deal will be priced at 225 basis points above the London interbank offered rate (Libor). Earlier this year, the bank reduced the margin on a $1.75bn loan to 250 basis points above Libor from 350 basis points.
DDF said the proceeds of the deal would be used to finance the development of Dubai International airport and to help lower its borrowing costs.
Improving sentiment towards Dubai since the emirate went through a recession and multibillion-dollar debt restructuring in 2009 has helped a raft of borrowers refinance their debts at lower margins.
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.