Dubai: Airport retailer Dubai Duty Free (DDF) said on Monday it has successfully completed the repricing of its $1.75 billion (Dh6.42 billion) syndicated loan that it originally signed in July 2012, reflecting the company’s strong performance in the past 12 months.
The repricing transaction was launched on August 7 on the back of improved bank market conditions, the company said in a statement, adding that it has also repriced a $750 million syndicated financing facility signed in September 2013.
DDF was able to reduce the margins on the $1.75 billion facility to 1.75 per cent above Libor on the dollar tranche and to 1.50 per cent above Eibor on the UAE dirham tranche.
“The transaction was very well received by the existing lenders with several institutions offering to provide increased commitments,” the company said in a statement.
Citibank acted as the sole coordinator on the repricing transaction. The reduced margins will become effective on the next interest roll-over date, it added.
DDF generated revenues of Dh6.4 billion in 2013, up 12.1 per cent on 2012. The company operates across 28,000 square meters of retail space with around 6,000 staff, and handles 74,000 transactions per day.
