Dubai's Atlantis seeking $850m loan
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Dubai's Atlantis seeking $850m loan

Dubai's Atlantis seeking $850m loan

Dubai's iconic island resort Atlantis, The Palm, is raising an $850m syndicated loan to refinance existing debt and provide new funds, Reuters has reported, citing banking sources. The hotel is refinancing a $700m, 12-year term loan that was signed in July 2005, which backed the construction of the luxury hotel resort and aquatic theme park. Syndication is expected to be completed by mid-June and the loan is expected to be signed by the end of June, the sources added. The property is owned by UAE holding company Istithmar and managed by Kerzner International Resorts.

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