DIFC Investments, the investment arm of the company running Dubai's financial free zone, is close to securing a $1 billion loan from four banks to help refinance an upcoming Islamic bond maturity, a banking source familiar
with the matter said.
Emirates NBD, Dubai's largest lender, and Standard Chartered will contribute an equal amount into the deal, while Noor Islamic Bank and Dubai Islamic Bank,also join the deal but with a smaller commitment.
The loan will help refinance a $1.25 billion sukuk maturing in June, and will be in place in time for the redemption date. "It's in the documentation phase," the source, who requested anonymity, said. "There will be a syndication in due course but they want to deal with the sukuk first."
No comments:
Post a Comment