Dubai's CBD signs deal for $450m loan

Commercial Bank of Dubai

Commercial Bank of Dubai

Commercial Bank of Dubai said on Thursday it signed to obtain a $450 million, three-year loan which would be used for general business purposes.

The new loan has an interest rate of 1.25 percent above the London interbank offered rate (Libor), the filing to the Dubai bourse said.

It replaces a facility of the same amount which was raised in 2011 but was repaid in October this year.

Nine banks contributed to the facility, the statement added: Arab Banking Corp, Bank of New YorkMellon, Citibank, Commerzbank, ING, JP Morgan Chase, National Bank of Abu Dhabi, Natixis andStandard Chartered.

Related:

Market Performance

Commercial Bank of Dubai
5.3
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Popular
Most Discussed
sponsoredTracking