Investment Corporation of Dubai, the emirate's main state-owned holding company, said it plans to raise $2 billion from a syndicated loan to refinance (more)
Investment Corporation of Dubai
, the emirate's main state-owned holding company, said it plans to raise $2 billion from a syndicated loan to refinance debt.
The facility will include both conventional and Islamic portions and have a tenor of five years, the company, known as ICD, said in an e-mailed statement today. The funds will go toward repaying the $2 billion five-year portion of an original $6 billion loan raised in August 2008, ICD said. That facility's $4 billion three-year tranche was settled in August 2011.
Abu Dhabi Commercial Bank PJSC (ADCB), Citigroup Inc. (C), Commercial Bank of Dubai PSC (CBD), Emirates NBD (EMIRATES) PJSC and HSBC Holdings Plc (HSBA) will help arrange the conventional funding, while Abu Dhabi Islamic Bank (ADIB) PJSC, Dubai Islamic Bank PJSC (DIB) and Standard Chartered Plc (STAN) will oversee the Shariah-compliant segment, ICD said.
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