Sunday, Dec 25, 2011
(This story was originally published Friday.)
DUBAI (Zawya Dow Jones)--DIFC Investments LLC, the real-estate and financial investment arm of Dubai International Financial Centre, said Friday it has fully repaid $200 million to Deutsche Bank AG (DB) under the terms of a loan facility.
The loan facility was a multi-currency term and revolving facility agreement between DIFC Investments and Deutsche Bank Luxemburg SA, being the agent, the company said in an emailed statement.
"The repayment is positive news, and is evidence of our commitment to meet our debt obligations as and when they fall due," DIFC Investments Managing Director Shahli Akram Juma said in the statement. "We remain focused on progressing our plans regarding the Sukuk commitment and we are confident of achieving a successful conclusion."
Last year, DIFC Investments embarked on a $1 billion restructuring plan aimed at divesting its non-core investments by the end of 2011.
Earlier this month, ratings agency Moody's Investor Service Inc. warned that three Dubai government-related entities, including DIFC Investments, that had $3.8 billion worth of debt repayments due in 2012 could face refinancing risks.
Moody's estimated the total debt of the Dubai government and state-owned non-financial companies to be $101.5 billion.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446 1694; nikhil.lohade@dowjones.com
(END) Dow Jones Newswires
25-12-11 0349GMT
