Investment Corporation of Dubai (ICD) said on Monday it has launched syndication of $2 billion conventional and Islamic financing facilities to refinance a $2 billion loan due to mature in August.
A bank meeting will be held in Dubai during the week commencing March 24.
Abu Dhabi Commercial Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD Bank and HSBC are mandated lead arrangers on the conventional facilities. Abu Dhabi Islamic Bank, Dubai Islamic Bank and Standard Chartered Bank are doing the same for the Islamic facilities.
The new, five-year senior unsecured financing will replace the remaining $2 billion five-year tranche of an original $6 billion three and five-year loan signed in August 2008.
The $4 billion three-year tranche, due in August 2011, was repaid in full.
ICD started talks with banks over the refinancing of the loan in February.
ICD is Dubai’s flagship investment vehicle, holding stakes in some of the emirate’s best-known companies, including Emirates airline, the bank Emirates NBD and Emaar Properties.