Dubai Holding in refinancing agreement

Dubai: Dubai Holding Commercial Operations Group, a real-estate and hospitality group, agreed with lenders to convert a $555 million (Dh2.03 billion) revolving-credit facility into a five-year term loan, according to an e-mailed statement.

Dubai Holding Commercial received a two-month extension in July, the company said at the time, and then got the maturity lengthened again to Dec-ember 31. Citigroup, Royal Bank of Scotland Group and Standard Chartered arranged the loan.

Some of Dubai's state-owned companies are refinancing debt with new loans after credit markets froze amid the global economic crisis. Dubai Holding and its units owe banks $12 billion and had begun talks to roll over some loans, a person with knowledge of the matter said in May.

The Dubai Government has injected $2 billion into Dubai Holding over the last 12 months to support its restructuring, Mohammed Ibrahim Al Shaibani, Director General of the Dubai Ruler's Court, said in November.