HSBC Holdings Plc (HSBA) and BNP Paribas SA (BNP) are among banks extending a $1.5 billion so-called profit participating loan to Dubai-based Drydocks World LLC as it restructures debt, a person with knowledge of the talks said.
The 15-year loan, part of $2.25 billion for the Middle East’s biggest shipyard, will pay creditors profit or cash from asset sales, said the person, who asked not to be identified because details haven’t been made public. Dubai World-controlled Drydocks also agreed on a new $800 million five-year term loan paying a market interest rate, the person said.
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