Developer Nakheel, restructuring $10.9 billion (Dh40 billion) in debt, has offered lenders repayment after four and a half years at a rate of 4 per cent on part of its debt in a deal that favours banks, sources said.
The terms of the restructuring, covering mainly bilateral loans and one $1.85 billion syndicated Islamic loan due 2012, vary from the all-lender meeting in July which indicated repayment over five to seven years.
They relate to the syndicated loan, signed in 2007, which about 22 banks participated in, one of the sources said, and an agreement could be close. Nakheel said in March it hoped to conclude its restructuring by the end of the second quarter.
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