Font Size

- Aa +

Wed 23 Apr 2014 04:26 PM

Font Size

- Aa +

Dubai Holding unit to prepay $555m facility ahead of schedule

Dubai Holding Commercial Operations Group says it will make payment on May 13 from available funds

Dubai Holding unit to prepay $555m facility ahead of schedule
DHCOG incorporates hotels group Jumeirah which operates the Burj al-Arab in Dubai

Dubai Holding Commercial Operations Group (DHCOG) on Wednesday said that it will prepay a $555m facility ahead of schedule next month.

DHCOG, which runs four businesses operating in 24 countries and announced a near-tripling of 2013 net profit last month said it will make the payment on May 13.

The payment will include the entire outstanding principal ($319.3m) along with accrued interest, of the amortising $555m facility originally maturing on December 31, 2015

The prepayment of this secured facility will be made from DHCOG’s available funds, the Dubai Holding unit said in a statement.

DHCOG said since 2011 it has been consistently paying all its outstanding bonds on maturity.  Most recently, DHCOG repaid €750m bond in January

DHCOG incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications, as well as a real estate division, Dubai Properties Group.

The Group’s next significant maturity is £500m bond due in February 2017.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.