UAE-based operator Emirates Integrated Telecommunications Company (Du) has reportedly agreed terms on a US$720m loan with three lenders.
Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Samba Financial Group will provide the five-year…
UAE-based operator Emirates Integrated Telecommunications Company (Du) has reportedly agreed terms on a US$720m loan with three lenders.
Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Samba Financial Group will provide the five-year financing, which will be used to replace two existing facilities, according to Reuters citing banking sources.
The company did not immediately respond to requests for comment.
The loan will carry an interest rate of 140 basis points over Libor and will refinance a US$220m three-year facility that expires in June. The loan had originally been secured in June 2011 from National Bank of Abu Dhabi, Emirates NBD Bank, Samba Financial Group and Mashreq Bank to refinance debt.
The new US$720m loan will also replace a US$500m financing that was provided in late 2012 by National Bank of Abu Dhabi and runs until 2017.
Late last year, Du appointed a new CFO, Amer Kazim, to replace Mark Shuttleworth, who decided to step down after eight years in the role.
Shuttleworth will however remain with Du until the end of Q1 2014 to ensure a smooth handover of responsibilities and supervise the full year 2013 financial results, the operator said in a statement at the time.
