Thursday, 19 February 2009

Borse Dubai closes $2.5bn syndication (Update 4)

In a massive vote of confidence in Dubai's economy, Borse Dubai attracted "some fresh money" in closing a fully subscribed $2.5 billion (Dh9.1bn) syndication, a senior executive close to the transaction said yesterday.

"It was mainly the foreign banks who rolled over what they were holding. Local banks – based in Dubai as well as Abu Dhabi – also rolled over their facilities. And some fresh money came in," the executive said on condition of anonymity.

The original financing, which was split between a $2.226bn and a £796 million (Dh4.1bn) facility, paid a margin of 70 to 130 basis points (bps) over the London Interbank Offered Rate, or Libor.

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