Dubai State Holding Firm Is Said to Seek $1 Billion Refinancing
Investment Corp of Dubai Is Said to Seek $1 Billion Refinancing
(Bloomberg) -- Investment Corp. of Dubai is seeking to raise a $1 billion loan to refinance existing debt, according to two people with knowledge of the plan.
The emirate’s main state-owned holding company is talking to banks to raise a five-year loan to partly repay a $2.55 billion facility that matures in June, said the people, asking not to be identified because the information is private. ICD will use its own cash to repay the rest of the loan, they said.
ICD owns stakes in some of Dubai’s biggest companies including Emirates, the world’s biggest carrier by international passengers, Emaar Properties PJSC, the developer of the world’s tallest skyscraper and Emirates NBD PJSC, the emirate’s biggest lender. ICD declined to comment.
The company raised the loan in 2013, and it includes a $875 million facility and a 6.15 billion dirham ($1.7 billion) portion, both of which have conventional and Islamic tranches, according to data compiled by Bloomberg. The loan was priced at a spread of 215 basis points over benchmark rates.
HSBC Holdings Plc, Citigroup Inc., Standard Chartered Plc, Emirates NBD and Dubai Islamic Bank were among lenders that provided the original loan.
To contact the reporters on this story: Arif Sharif in Dubai at email@example.com, Archana Narayanan in Dubai at firstname.lastname@example.org.
To contact the editors responsible for this story: Dana El Baltaji at email@example.com, Stefania Bianchi, Paul Armstrong
©2018 Bloomberg L.P.