United Development Company appoints underwriters for $286m loan

02 September 2008
United Development Company (UDC) has appointed underwriters to raise QR1.04bn ($286m) to help finance the development of Medina Centrale precinct, a mixture of residential and leisure properties on the Pearl-Qatar island in Qatar.

Al-Khaleeji Commercial Bank, Commercial Bank of Qatar, Mashreqbank, Union National Bank, Arab African International Bank and International Bank of Qatar have all been appointed underwriters and lead arrangers.

Al-Khaleeji and Standard Chartered are acting as bookrunners on the deal.

UDC has created a subsidiary for the development, called Medina Centrale Company, which will hold the debt.

UDC is developing the entire Pearl-Qatar project, which is expected to be completed by 2010.

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