Dubai Holding Commercial Operations Group LLC said Thursday it has agreed with Citibank, Royal Bank of Scotland Group PLC (RBS) and Standard Chartered PLC (STAN.LN) to refinance a $555 million loan.
"A consensual agreement has been reached to refinance the existing $555 million revolving credit facility by converting it into a five-year term loan at commercial terms, with effect from Dec. 30, 2010," Dubai Holding said in an emailed statement.
This comes after Dubai's other flagship state-owned conglomerate, Dubai World, agreed with lenders to restructure $26 billion worth of debt.
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