Bank Of America Corp (BAC) Financial News - Dubai Holding extends repayment on $1.16 bln loan to 2016
Bank Of America Corp (BAC)
Dubai Holding extends repayment on $1.16 bln loan to 2016
2011-08-10 07:48:44Quote: 18, the company said on Wednesday. "We already have full lender support to extend this loan until December 2016 and are currently in the documentation process", a Dubai Holding spokeswoman said in an email to Reuters. The loan includes an $840 million conventional tranche and a $300 million sharia-compliant tranche and was originally due to mature next week, Thomson Reuters data showed. The Islamic tranche was arranged by Standard Charteredand Noor Islamic Bank, while Mashreq , Morgan Stanley , BofA Merrill Lynch , Bank of Tokyo Mitsubishi , Credit Agricole , Emirates NBDand Union National Bank Dubai, the tiny Gulf Arab city state which has been in the spotlight for its debt woes since late 2009, has struggled to rebuild investor confidence since state-owned Dubai Worldannounced a $26 billion restructuring. But a string of positive news on debt repayments or successful rescheduling of maturities, combined with Dubai's perception as a safe-haven amid regional political strife has lifted sentiment. Earlier this week, Dubai's sovereign wealth arm, Investment Corporation of Dubai (ICD) announced it would repay in full a $4 billion loan instead of the expected part-repayment and part- refinancing. In July, Dubai Holding's main unit, DH Commercial Operations Group repaid a 250 million Swiss franc bond, and said the group was committed to meeting its financial obligations. DHCOG's assets include the Jumeirah hotel group and business parks and hospitality units. Dubai Holding's private equity arm, Dubai International Capital (DIC) reached a $2.5 billion restructuring deal with lenders in December, and Dubai Group, the unit mainly comprising financial services assets, is currently in talks to restructure about $10 billion in debt.(Reporting by Rachna Uppal; Editing by Amr...
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