Classifieds powered by Gulf News

New cash to replace ICD loan deal

New financing will replace remaining $2 billion five-year tranche

Gulf News

London: Investment Corporation of Dubai’s (ICD) $2 billion, five-year syndicated loan pays an interest rate of 215 basis points (bps) over LIBOR, bankers close to the deal said.

The new financing will replace the remaining $2 billion five-year tranche of the $6 billion three and five year loan that matures in August. The $4 billion three-year tranche has already been repaid in full.

The new loan is priced 43 per cent higher than the original five-year tranche, which paid 150 bps over LIBOR.

Banks have been asked to commit requests of $50 million, $100 million and $150 million for the new deal, one of the bankers added.

ICD was not immediately available to comment.

The multi-billion deal was launched into syndication on March 18. ICD will start a roadshow for the deal in Dubai on March 26.

Abu Dhabi Commercial Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD Bank and HSBC have already joined the deal as mandated lead arrangers on the conventional facilities.

Abu Dhabi Islamic Bank, Dubai Islamic Bank and Standard Chartered Bank have joined as mandated lead arrangers on the Islamic facilities.