Dubai: Jumeirah Group, the luxury hotel company and a member of Dubai Holding, announced on Wednesday that it has successfully raised a $1.4 billion (Dh5.14 billion) unsecured syndicated loan priced at 2.75 per cent above Libor due in 2019.
The loan will be used for expansion plans as Jumeirah continues to grow in the years ahead as well as for general corporate purposes, at the parent level, for Dubai Holding Commercial Operations Group.
Gerald Lawless, president and group CEO, Jumeirah Group said; “The pricing we have been able to achieve for this syndicated loan is a testament to the company’s financial strength and future prospects. This financing will support our focus on driving profitable revenues from the existing portfolio while giving us the headroom to continue our local and international expansion. This is the first time we have raised funds through a syndicated loan and we are pleased to be supported by the highest calibre of international and local banks.”
The facility was lead arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah Group was advised by Rothschild on the transaction.
