Dubai's du inks $500m debt funding deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share
du CEO Osman Sultan.

du CEO Osman Sultan.

Dubai's du, also known as Emirates Integrated Telecommunications Company, said on Sunday that it had secured a $500m, five-year club debt facility to fund its medium-term capital expenditure.

Osman Sultan, CEO of du, said: "We are delighted to have agreed this club debt facility which builds on the announcement earlier this month of the $100m debt facility recently entered into.

"The funding provides us with the resource and financial flexibility to meet both short and medium term capital expenditure requirements, while at the same time enabling the company to achieve a more efficient capital structure.

"We are especially pleased to have been able to benefit from favourable market conditions to secure the facility at competitive rates and will continue to seize such funding opportunities in the future."

Abu Dhabi Commercial Bank acted as senior mandated lead arranger for the facility, with National Bank of Abu Dhabi and Samba Financial Group serving as mandated lead arrangers, the company said in a Dubai bourse filing. Mashreq Bank acted as co-arranger.

Du said the club debt facility was priced at a 1.75 percent margin over the London Interbank Offered Rate.

Last week du said it had signed a $100m, three-year loan facility with Singapore's DBS Bank to fund its capital investment plans.

Related:

Market Performance

Emirates Integrated Telecommunications Company
5.85
-0.02 -0.34 (%)
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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
The hubsters' ecosystem

The hubsters' ecosystem

Tamara Pupic visits Impact Hub Dubai, the first local branch...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew