Dubai International Capital LLC, a private equity investor controlled by the emirate’s ruler, may raise a $550 million loan to repay existing debt, two bankers familiar with the transaction said.
The two-year loan may pay 400 basis points above the London interbank offered rate, said the bankers who didn’t want to be identified before the deal is complete.
The loan is in the general syndication stage after the company received commitments from banks with which it has relationships, according to one of the bankers. The lenders have an option to extend the loan for another year, the same banker said.
Mashreqbank PSC, Noor Islamic Bank, Standard Chartered Plc and Royal Bank of Scotland Group Plc are arranging the debt.
Anand Krishnan, Dubai International’s chief executive officer, wasn’t immediately available to comment when contacted by Bloomberg News today.END
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