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Nakheel negotiating Dhs8bn loan extension
- United Arab Emirates: Monday, February 18 - 2013 at 04:23
The chairman of Dubai's Nakheel, Ali Rashid Lootah, has said the state-owned property developer is in talks to extend an Dhs8bn ($2.18b) loan due in 2015, The National has reported. Last month, investment bank Exotix cut its rating on Nakheel's sukuk due in August 2016, warning the developer may fall 70% short of the funds needed to repay. However, Lootah dismissed concerns over the company's ability to honour the debt, saying Nakheel was "not worried" about the sukuk. "We are talking to financial institutions to restructure our loan, which is a normal part of business because the original tenure is very short," he said. "We are not worried about the sukuk. Our strategy first will be deal with the lenders. The sukuk is a secondary issue to that."
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