Dubai telco du raises Dh3.76b in loans from banks for expansion needs
Debt raised is split into five- and seven-year tenors, as du goes big on 5G expansion
Dubai: The Dubai telco du has raised long-term debt finance of Dh3.76 billion from a group of banks to part fund its expansion and other requirements.
The debt is split into a Dh1.98 billion five-year revolving credit facility and Dh1.78 billion as a seven year loan facility. Du had recently come up with first quarter 2021 results that show a marked improvement on the profit side. At the time, the operator said it will continue to focus on the 5G rollout programme.
Details of the banks involved and the financing terms have not been revealed. But UAE corporates and government entities are tapping sizeable debt funds as interest rates remain on the lower side.