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Dubai-based FIVE Holdings has secured a $460 million revolving credit facility (RCF) as the hospitality and development company eyes a $500 million investment over the next two years to expand its portfolio across the US, Asia and the UAE.
The RCF will also allow the group to pay off its debt ahead of schedule, following the October 2023 issuance of a $350 million green bond, which was listed on Nasdaq Dubai.
Banks involved include the Commercial Bank of Dubai, Arab African International Bank, and Santander.
FIVE Holdings said the credit facility will allow the group to “strengthen its footprint in Ibiza and Dubai”, where its portfolio includes The Pacha Group’s Pacha Ibiza Nightclub, and the Pacha Hotel, as well as three FIVE hotel properties across Dubai.
(Writing by Bindu Rai, editing by Seban Scaria)
