Dubai's Jebel Ali Free Zone (JAFZA) has proposed a three-part refinancing plan to creditors for its $2.04 billion Islamic bond which matures in November, a report said on Tuesday.
The state-linked industrial free zone held a meeting with bankers in Dubai this week, Middle East Economic Digest (MEED) said quoting unidentified sources present at the meeting.
JAFZA proposed reducing the debt level by 700 million dirhams ($190.58 million), raising a new bank loan of about 4 billion dirhams and issuing a new sukuk worth about 2.4 billion dirhams, MEED said.
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