Dubai's CBD signs deal for $450m loan

Commercial Bank of Dubai says it will use three-year loan for general business purposes

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.

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