DIFC Investments, a unit of the firm running Dubai's financial free zone, has secured a $1.04 billion loan to help repay in full its Islamic bond maturing later this month, reinforcing the emirate's ability to meet its bond obligations.
The five-year, syndicated loan facility is priced at 380 basis points over the London Interbank Offered Rate (LIBOR) and is mainly secured on the investment firm's property assets, a statement filed to the Nasdaq Dubai bourse showed.
DIFCI, whose $1.25 billion Islamic bond maturing on June 13, was seen as a challenging maturity for the emirate will be repaid in full with the proceeds from the loan, the company said.
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