Jebel Ali Free Zone FZE, a business park operator in Dubai, plans to raise a combined $1.85 billion from a bank facility and the sale of Islamic bonds to help refinance its 7.5 billion-dirham ($2 billion) debt maturing in November, according to three people familiar with the matter.
The company, controlled by Dubai’s government, plans to raise $1.2 billion from a bank facility and $650 million from sukuk sale, said the people, who declined to be identified because the matter is private. It may also use $190 million from internally generated cash to refinance the debt, they said. The planned Islamic bonds may mature in 2019, said two other people.
Dubai, home to the world’s tallest skyscraper, incurred $113 billion of debt seeking to transform itself into a tourism and commercial hub, with $15 billion maturing this year, according to International Monetary Fund estimates. Jebel Ali Free Zone said on May 27 it received approval from a majority of sukuk holders to redeem the trust certificates ahead of their maturity.
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