Thursday, Jan 26, 2012
(This story was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Dubai Holding Commercial Operations Group, the real-estate and hospitality arm of Dubai Holding, said Wednesday it will repay a $500 million bond and make three scheduled coupon payments from its internal cash flow on February 1.
"DHCOG's operating liquidity remains good. It has robust hotel management, telecom, free zone and property businesses that contribute a healthy cash flow," said Chief Executive Officer Ahmad Bin Byat in an emailed statement. DHCOG is part of Dubai Holding, the conglomerate owned by Dubai's ruler Sheik Mohammed bin Rashid Al Maktoum.
Ratings agency Moody's warned late last year that three Dubai government-related units, including DHCOG, may face refinancing risks in 2012. The company back then responded by saying it would meet its debt obligations and repay a $500 million bond maturing in 2012.
The coupon repayments which are due on February 1 are related to three medium term notes of $500 million, EUR750 million and GBP500 million value.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-01-12 0401GMT
