07 April 2012
Dubai: Dubai Holding yesterday said that Dubai International Capital (DIC), its private equity investment arm, has reached a final agreement with its lenders regarding the restructuring of $2.5 billion of liabilities.
Under the terms relating to $2.15 billion of liabilities, creditors will extend their debt for five years and receive a two per cent cash interest coupon on the restructured facilities.
An agreement has also been reached in relation to a facility of approximately $350m of liabilities, where creditors will extend their debt for three years at the unchanged contractual rate of interest.
Ahmed Bin Byat, chief executive of Dubai Holding, said: "This agreement is an important landmark for Dubai Holding.
The successful restructuring is a result of the significant commitment demonstrated by all stakeholders and Dubai Holding acknowledges their role in achieving this agreement. The restructuring puts DIC on a sound financial footing."
Dubai: Dubai Holding yesterday said that Dubai International Capital (DIC), its private equity investment arm, has reached a final agreement with its lenders regarding the restructuring of $2.5 billion of liabilities.
Under the terms relating to $2.15 billion of liabilities, creditors will extend their debt for five years and receive a two per cent cash interest coupon on the restructured facilities.
An agreement has also been reached in relation to a facility of approximately $350m of liabilities, where creditors will extend their debt for three years at the unchanged contractual rate of interest.
Ahmed Bin Byat, chief executive of Dubai Holding, said: "This agreement is an important landmark for Dubai Holding.
The successful restructuring is a result of the significant commitment demonstrated by all stakeholders and Dubai Holding acknowledges their role in achieving this agreement. The restructuring puts DIC on a sound financial footing."
© Times of Oman 2012
