Dubai’s du Secures $500m Debt Facility To Fund Business

Dubai’s Emirates Integrated Telecommunications Co, or du, said on Sunday that it had secured a $500 million, five-year club debt facility to fund its medium-term capital expenditure.

Abu Dhabi Commercial Bank acted as senior mandated lead arranger for the facility, with National Bank of Abu Dhabi and Samba Financial Group serving as mandated lead arrangers, the company said in a Dubai bourse filing. Mashreq Bank acted as co-arranger.

Du said the club debt facility was priced at a 1.75 per cent margin over the London Interbank Offered Rate.

Last week du said it had signed a $100 million, three-year loan facility with Singapore’s DBS Bank to fund its capital investment plans.