Due to overwhelming demand from the market, Dubai World Corporation is pleased to announce that it has elected to increase the total facility size to $5bn from an initial launch amount of $2.7bn.
The loan was sold to over 50 banks from 27 countries globally, with approximately 40 percent of demand coming from European banks, 30 percent from Asian banks and 21 percent from Gulf region financial institutions.
Credit Suisse International, Deutsche Bank AG, London Branch, and The Royal Bank of Scotland plc were the Initial Mandated Lead Arrangers and Bookrunners of the Facility.
Ms. Maryam Sharaf, Group Chief Financial Officer, Dubai World, said:
"We are happy to see banks from around the world participating in our facility. This is reflective of our global investment strategy."
According to Rashid Sheikh, Group Treasurer, Dubai World Corporation:
"We are delighted with the response and level of commitments received from the global banking community to our debut offering. This clearly demonstrates Dubai World's ability to raise capital even in difficult market conditions."
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Dubai World completes raising $5bn through 364-day syndicated term loan facility
- United Arab Emirates: Saturday, October 20 - 2007 at 07:10
- PRESS RELEASE
Dubai World Corporation announced that on Wednesday (17 October) it had completed its debut syndicated fundraising of $5bn in loans through a syndicate of three major European banks to fund part of its global acquisitions and investments, as well as for general corporate purposes.
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Notes and media contacts
Dubai World Corporation [http:///www.dubaiworld.ae] is a decree company created and owned 100 percent by the Government of Dubai, for which it manages and supervises a diversified conglomerate of businesses, investments and projects spanning over 100 different cities around the world, employing over 50,000 people.Dubai World's key subsidiaries include DP World Limited, Istithmar, Nakheel, Economic Zones World, Infinity World Holdings, Drydocks & Maritime World, and Limitless. Aggregating all of the diverse business operations makes Dubai World one of the world's largest holding companies.
Syndication of the Facility was launched on September 4 to a selected group of financial institutions. Management Presentations for the benefit of potential lenders, presenting an overview of Dubai World and its core operating subsidiaries and detailing the transaction, took place in London, Dubai, and Hong Kong.
For more information, please contact:
Sanaa Maadad
Manager, Media Department,
World View Communications,
Dubai World
+971 50 552 2610
Posted by Anne-Birte Stensgaard, Senior News EditorSaturday, October 20 - 2007 at 07:10 UAE local time (GMT+4)
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