Dubai-based GEMS Education raises $150mln debt - statement

Raised $150mln in incremental financing to support its working capital

  
Rear view of a group of elementary age students going to class. Image used for illustrative purpose.

Rear view of a group of elementary age students going to class. Image used for illustrative purpose.

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DUBAI- Dubai-based GEMS Education has raised $150 million in incremental financing to support its working capital, it said in a statement on Tuesday.

A source had earlier told Reuters that the company is in talks with several banks and advisory firms to explore options to shore up its balance sheet, including a share or debt issuance.

GEMS, which owns and operates more than 50 schools in the United Arab Emirates, Qatar and Egypt, sold $900 million in bonds last year. 

(Reporting by Abhinav Ramnarayan in London and Saeed Azhar in Dubai; Writing by Yousef Saba; editing by Louise Heavens) ((Yousef.Saba@thomsonreuters.com; +971562166204))