LONDON, Feb 19 (Reuters) - State-owned Investment Corporation of Dubai (ICD) has provided up to $2.3 billion of the $3.4 billion needed by Borse Dubai to refinance an existing syndicated loan, banking sources close to the deal said.
Borse Dubai closed a $2.5 billion loan on Wednesday, which together with a $1 billion equity injection from shareholders including ICD allayed fears that Borse Dubai would default on its debt. [ID:nLI495825]
Only $1.2 billion of the $2.5 billion was raised from international banks, sources said, leaving around $1.3 billion which was provided by state-owned Dubai banks after ICD deposited cash with them, the sources added.
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