Sunday, Apr 21, 2013
DUBAI (Zawya Dow Jones)--GEMS Education, a Dubai-based firm that runs primary and secondary schools across the globe, has raised 2 billion U.A.E. dirhams ($545 million) from banks to refinance existing debt and fund expansion in the U.A.E. and Mena region.
The financing will support GEMS's plan to build 10 schools in the U.A.E. in the next two years, chief operating officer Dino Varkey said in an emailed statement.
The joint lead arrangers on the facility, which matures in six years and has Islamic and conventional tranches, were Abu Dhabi Islamic Bank, Mashreqbank, Dubai Islamic Bank and Noor Islamic Bank, the statement said. United Arab Bank was also a participating bank, it said.
Deloitte Corporate Finance Ltd. was GEMS's financial advisor, while Allen & Overy was its legal advisor. Hogan Lovells served as legal advisor to the banks, the statement said.
Write to Asa Fitch at asa.fitch@dowjones.com
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(END) Dow Jones Newswires
21-04-13 0940GMT
