DUBAI — 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.