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Dubai repays $1.2bn MGM loan
- United Arab Emirates: Tuesday, December 16 - 2008 at 07:54
Dubai World has announced that it has recently repaid the outstanding balance on a $1.2bn loan facility arranged and underwritten jointly by Royal Bank of Scotland, Credit Suisse and Deutsche Bank. While refinancing had been offered, Dubai World determined the cost of capital was not competitive and instead elected to repay the outstanding amount under the loan of $890m from its operating reserves on December 11, 2008, according to a statement. The loan facility was established one year earlier to help finance the purchase of a 9.4% stake in MGM Mirage by Infinity World, a subsidiary of Dubai World.
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Jeff Florian, Senior ReporterTuesday, December 16 - 2008 at 07:54 UAE local time (GMT+4)
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