Dec 19 2011 |
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Emaar refinances Dh3.6bn loan
DIB, NBAD and Stanchart were lead arrangers and bookrunners
As part of the overall debt management for the company, the drawdown of the facility will convert its debt's maturity profile from short to longer term. This new facility will also assist in reducing the overall financing cost of Emaar due to the lower pricing achieved compared to existing borrowings.
Of the total facility, 50 per cent is repayable in a bullet repayment after five years, and the rest is amortized over eight years. The pricing on the facility is benchmark plus 350 basis points and is secured by The Dubai Mall. Initially, the facility will be utilised to repay the existing US$ 300 million facility taken in 2010. Subsequent drawn downs will be made in 2012 as required.
He added: "The prevailing financial climate also offers a strong opportunity for forward-looking organisations to strengthen their reserves and structure long-term growth plans."
The nine-month performance of Emaar was underlined by the sustained growth of its hospitality & leisure and shopping malls & retail subsidiaries, the continued demand for homes and commercial space within its established communities such as Downtown Dubai, and the hand-over of prime real estate assets in international markets, including Turkey, Jordan and Syria. Emaar is on track to hand over residential projects in Saudi Arabia, among other global markets, shortly.
© Emirates 24|7 2011
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