UAE's Du Secures $500 Million Debt Facility
Published on: 26th Dec 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
UAE based Emirates Integrated Telecommunications (du) has agreed a five year club debt facility for US$500 milion (approximately AED 1.8 billion) to fund medium term capital expenditure.
Osman Sultan, CEO of du, said: "We are delighted to have agreed this club debt facility which builds on the announcement earlier this month of the $100 million debt facility recently entered into. The funding provides us with the resource and financial flexibility to meet both short and medium term capital expenditure requirements, while at the same time enabling the Company to achieve a more efficient capital structure."
"We are especially pleased to have been able to benefit from favourable market conditions to secure the facility at competitive rates and will continue to seize such funding opportunities in the future." he added.
The club debt facility agreement amounts to $500m financing over a period of five years at a 1.75% margin over LIBOR.