Arab Today, arab today dic strikes 25b debt deal
Last Updated : GMT 17:07:27
Arab Today, arab today
Arab Today, arab today

DIC strikes $2.5b debt deal

Arab Today, arab today

Arab Today, arab today DIC strikes $2.5b debt deal

Dubai - Arabstoday

Dubai International Capital, or DIC, the private equity arm of Dubai Holding, has struck a final agreement with creditors to restructure around $2.5 billion of debt, its parent company Dubai Holding said on Thursday. DIC’s creditors have agreed that around $2.15 billion of the debt will be extended for five years, while they will also receive a two percent cash interest coupon on the new facility. An agreement has also been reached in relation to the remaining $350 million of liabilities, where creditors will extend their debt for three years at the unchanged contractual rate of interest, Dubai Holding said in a statement. “This agreement is an important landmark for Dubai Holding. The successful restructuring is a result of the significant commitment demonstrated by all stakeholders and Dubai Holding acknowledges their role in achieving this agreement. The restructuring puts DIC on a sound financial footing,” said Ahmed bin Byat, chief executive officer of the parent company. He said Dubai Holding would continue to focus on reaching a consensual agreement with Dubai Group lenders and remains confident that the Dubai Group restructuring will also reach a successful agreement. “Although we are under no pressure to sell assets, we have been able to make a number of profitable exits in recent months demonstrating the quality of our investments and our ability to find buyers in current market conditions,” said DIC chief executive David Smoot. “This successful refinancing will allow for the implementation of the management team’s long-term business plan to maximise the value of the Company’s portfolio of assets for the benefit of all stakeholders,” he said. Smoot said despite the challenging macroeconomic environment the portfolio is well-positioned to navigate current markets with less leverage, better liquidity and ?long-term financing, reflecting significant future value potential. Dubai Holding also announced that it intends to appoint a new Board of Directors for DIC. Fadel Al Ali, executive chairman of Dubai Holding Commercial Operations Group, has been named as the Chairman. Other nominated board members include: David Smoot, CEO; and three independent directors; Aidan Birkett, Christopher Rowlands and Abdullah Sharafi. Rick Pudner, chief executive officer of Emirates NBD said the debt restructuring represents another step in Dubai’s continued march in the right direction. “The fact this restructuring was agreed with full lender consent reflected the continued support provided by Dubai Holding throughout the process and, also the unwavering commitment of the lenders towards achieving a consensual solution in the interest of all stakeholders.” Pudner said strong fundamental economic growth story coupled with willingness and ability to address debt-refinancing requirements in a timely and viable manner is strong differentiating factors for Dubai in the current global economic scenario driving investor confidence and positive sentiment around the Dubai story. “This is clearly reflected in the recent tightening of Dubai CDS and we believe that it will give further traction to the growing positive momentum.” DIC has recently exited several of its investments, including Sharjah-based KEF Holdings and hotel company Ishraq Dubai. It still has stakes in British firms Travelodge, Alliance Medical and Doncasters Group, as well as Germany-based Almatis and Mauser.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dic strikes 25b debt deal Arab Today, arab today dic strikes 25b debt deal

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday