Aldar repays $1.25bn bond, slashes interest payments | The National:
"Aldar Properties has repaid a US$1.25billion bond helping the Abu Dhabi based developer to slash annual interest payments by Dh700 million compared with last year.
The bond, which matured at the end of May 2014 and which carried an initial annual interest cost of 10.75 per cent was repaid using company cash reserves and existing loan facilities which carry an annual interest cost of 1.7 per cent, Aldar said in a statement today.
Aldar’s overall cost of borrowing has fallen 70 per cent from Dh1 billion a year to Dh300 million the company said while its weighted average cost of debt has fallen has fallen from 5.8 per cent before the bond repayment to 2.8 per cent."
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