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Dubai Holding unit seeks $572m for refinancing

Company speaking to lenders including Emirates NBD, Noor Bank and Commercial Bank International about a club loan

Gulf News

Dubai: Dubai Holding’s Emirates International Telecommunications unit is in talks with banks to raise about Dh2.1 billion ($572 million) to refinance an existing loan, according to two people familiar with the matter.

The company, which owns stakes in Axiom Telecom and Du, is speaking to lenders including Emirates NBD, Noor Bank and Commercial Bank International about a club loan, said the people, asking not to be identified because the information is private. The facility would be backed by EIT’s telecom stakes, the people said.

The company has loans worth Dh2.1 billion maturing in 2020, according to data compiled by Bloomberg. EIT declined to comment. Dubai Holding agreed in December to sell EIT’s 35 per cent stake of Tunisie Telecom to buyout firm Abraaj Group.

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