Dubai World finalises $5.5bn loan

23 June 2008
Dubai World has finalised a $5.5bn syndicated loan at margins of 135-185 basis points above London interbank offered rate (libor).

The loan is split between a $2.1bn two-year tranche, a $1.95bn three-year tranche, a $1bn five-year term loan and a $450m revolving credit facility.

Banks were invited to finance the bid in dollars or dirhams, with the equivalent of about $1.2bn being supplied in the UAE currency.

The new deal will replace a $5bn one-year bridging loan.

The bookrunners on the financing were Calyon, Emirates NBD, HSBC, ING, Lloyds TSB, Mashreq, Royal Bank of Scotland, Bank of Tokyo Mitsubishi and Sumitomo Mitsui Banking Corporation.

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.