Limitless, the indebted property arm of Dubai World DBWLD.UL, is close to sealing a $1.2 billion debt deal, potentially ending talks that have lasted more than two years, sources close to the negotiations said on Tuesday.
The developer, a vehicle for most of Dubai World's overseas property investments, has proposed paying interest of 175 basis points over the London interbank offered rate (Libor) under the new terms, one banking source said.
Lenders would be paid beginning in 2014 over a period of three years and interest would be accrued from December 2011, the source said, adding that the proposed interest rate was similar to the rate on the original loan.
No comments:
Post a Comment