Thursday, Apr 05, 2012
DUBAI (Zawya Dow Jones)--Dubai Holding, the investment vehicle linked to the emirate's ruler, on Thursday said that its private equity arm Dubai International Capital has reached a final agreement with its lenders on its $2.5 billion debt restructuring.
Under the terms of the restructuring, lenders will extend their debt for five years and receive a two per cent cash interest coupon on the restructured facilities, according to Dubai Holding in a statement. The lenders also agreed on a facility of approximately $350 million of liabilities, where their debt will be extended for three years at the unchanged contractual rate of interest.
The news follows a Zawya Dow Jones report on Wednesday that all of DIC's creditors had agreed to the deal.
Dubai Holding also said it will name Fadel Al Ali, executive chairman of Dubai Holding Commercial Operations Group, as DIC's chairman. David Smoot will become chief executive while Aidan Birkett, Christopher Rowlands and Abdullah Sharafi have been named independent directors.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
(Asa Fitch contributed to this article)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
05-04-12 0516GMT
