Dubai: The majority shareholders of UAE Exchange Centre and Travelex Holdings Limited announced that they have closed a $890 million (Dh3.27 billion) term loan financing to support the growth of the two companies.

The proceeds are being used to refinance the bridge loan for the acquisition of Travelex by the shareholders completed in January 2015 and to finance the integration project to combine and expand the digital and geographic footprint of Travelex and UAE Exchange, the company said in a statement.

The majority shareholders in both Travelex and UAE Exchange are Centurion Investments, a leading UAE investment firm, and Dr B. R. Shetty. The shareholders reserve the option to increase the size of the total facilities by $75 million.