Banks give Dubai Holding more time to repay $555m as part of debt restructuring
Dubai Holding Commercial Operations Group, part of Dubai Holding, has arranged a five-year refinancing for its $555m loan deal.
The loan is with the UK’s Royal Bank of Scotland, Standard Chartered and the US’ Citigroup. The deal replaces an existing $555m revolving credit facility with a new five year loan.
The refinancing was put in place just in time for the facility’s 30 December maturity. That was an extension from a previous repayment date of 30 November.
Dubai Holding is majority owned by Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum. Several divisions of the company, including private equity investment firm Dubai International Capital, and financial services investment arm Dubai Group, are also in the process of restructuring their debts.
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.