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|17 October, 2018

Dubai's Emirates NBD raises $2bln loan

Emirates NBD (ENBD) raised a $2billion three-year loan late last month

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

DUBAI- Emirates NBD (ENBD) raised a $2 billion three-year loan late last month, a representative for Dubai's largest lender said.

A group of 18 banks committed to the transaction.

ENBD will use part of the loan proceeds to refinance an existing $1.7 billion term loan facility and the remainder for general corporate purposes.

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"As a result of strong interest in the facility, Emirates NBD were able to upsize the facility to $2 billion whilst still applying significant scale-back and achieving a competitive funding cost," the representative said.

Sources told Reuters in July that the bank was discussing a rollover of the $1.7 billion loan, which was signed in 2016 and was due in 2019.

(Reporting by Davide Barbuscia; editing by Jason Neely) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))