Dubai’s Emirates NBD raises $2bn loan

Emirates NBD (ENBD) raised a $2bn 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 $1.7bn term loan facility and the remainder for general corporate purposes.

“As a result of strong interest in the facility, Emirates NBD were able to upsize the facility to $2bn 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 $1.7bn loan, which was signed in 2016 and was due in 2019.