Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group owned by the emirate’s ruler, is seeking a one-month extension on a $555 million revolving credit line to get more time to agree on new terms, two people with knowledge of the matter said.
The loan will be extended until Dec. 31 and then rolled over into a new medium-term facility, the terms for which are still under discussion, said the people, who declined to be identified because the talks are private. An official for Dubai Holding LLC, the company’s parent, declined to comment.
Dubai Holding Commercial received a two-month extension on the loan in July at “commercial terms,” the company said at the time, and then got the maturity lengthened again to Nov. 30. Citigroup Inc., Royal Bank of Scotland Group Plc and Standard Chartered Plc provided the loan.
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