Abu Dhabi's TDIC said to raise $500m loan

Tourism developer behind Louvre, Guggenheim museums, reportedly plans to pay existing debt
Abu Dhabi's TDIC said to raise $500m loan
Guggenheim Abu Dhabi
By Andy Sambidge
Sun 15 Dec 2013 01:46 PM

Tourism Development & Investment Co, the Abu Dhabi-owned tourism developer, has reportedly raised a $500 million loan to pay existing debt.

According to bankers with knowledge of the deal, the five-year facility was obtained from a group of seven banks, Bloomberg reported on Sunday.

A spokeswoman for TDIC told Bloomberg that the company couldn’t comment.

TDIC is building local branches of the Louvre and Guggenheim museums on Abu Dhabi’s Saadiyat Island. The $27 billion of projects on the island also includes the Zayed National Museum and a New York University campus.

Earlier this year, TDIC said it posted a AED2.15bn ($585m) net loss in 2012 despite a 280 percent rise in revenue.

It said revenue reached AED1.27bn last year on the back of property sales and leasing, adding that the company expects sales to be even stronger this year.

However, its 2012 published results, published in May, also showed a net loss of AED2.15bn, primarily attributed to non-cash items such as the increased amount in depreciation coupled with impairments on long term assets.

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