Monday, Dec 19, 2011
DUBAI(Zawya Dow Jones)--Dubai-based Emaar Properties (EMAAR.DFM) said Monday it has signed a new 3.6 billion U.A.E. dirham ($980 million) Islamic and conventional financing facility with a number of banks, as the builder of the world's tallest tower looks to lower the cost of its existing borrowings.
Emaar, in an emailed statement, said Dubai Islamic Bank PJSC, National Bank of Abu Dhabi and Standard Chartered Bank were mandated lead arrangers and bookrunners for the new facility.
"As part of the overall debt management for the company, the drawdown of the facility will convert the company's debt 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," Emaar said.
Emaar shares closed trading Monday down 2.3% at AED2.56 in a broadly positive overall market.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-12-11 1047GMT
