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Monday, 6 September 2010

Dubai Holding Unit Said to Seek Extension on $555 Million Loan Repayment - Bloomberg

Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group owned by the emirate’s ruler, will seek an extension on a $555 million revolving credit line until Nov. 30, three bankers with knowledge of the decision said.

All lenders to Dubai Holding Commercial agreed to extend the facility, said the bankers, who declined to be identified because the details haven’t been made public. The accord probably will be disclosed to Nasdaq Dubai tomorrow, they said. Dubai Holding Commercial in July received a two-month extension on the loan at the “commercial terms,” the company said then.

Dubai Holding Commercial is set to make an announcement tomorrow about the loan, a spokeswoman said, asking not to be named because of company policy. She declined to comment on whether the facility would be paid off or extended again.