UPDATE 1-Abu Dhabi's Aldar seeks $1.5 bln finance before bond maturity -sources | Reuters:
"* Wants $1.5 bln bridge-to-bond financing from banks - sources
* Proceeds to replace $1.25 bln bond due May 2014
* Had been considering liability management exercise (Adds detail, context, bond price)
By David French and Praveen Menon
DUBAI, Oct 9 (Reuters) - Abu Dhabi's Aldar Properties is talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond, banking and industry sources aware of the matter said on Wednesday.
The proposed financing comes ahead of a $1.25 billion bond maturity in May 2014; Aldar would probably use funds raised through the loan to meet that obligation, said the sources, declining to be named as the matter is not public.
It would be one of the first financings undertaken by the firm since its Abu Dhabi government-backed merger with Sorouh Real Estate was completed in June, creating the second-largest listed property firm in the United Arab Emirates and one of the biggest in the Middle East, with assets of $13 billion."
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