Jebel Ali Free Zone (JAFZA) has secured a $1.2 billion sharia-compliant loan from eight banks, a company prospectus said, to help refinance a debt obligationce seen as one of the Gulf Arab region’s most challenging in 2012. The prospectus also confirmed that Economic Zones World (EZW), JAFZA’s parent company, is looking to sell UK-based warehouse developer Gazeley. Sources told Reuters in February that Citi had been appointed to advise on a sale of the company. The Islamic financing facility, combined with a $650 million sukuk completed on Tuesday, will be used to repay a $2 billion-equivalent Islamic bond maturing later this year, repayment of which had been brought forward by the firm. Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Mashreqbank, National Bank of Abu Dhabi, Samba Financial Group and Standard Chartered will fund the $1.2 billion facility, according to the sukuk prospectus. The amortising facility is due to mature in 2020, the prospectus said. According to a June 13 note from JP Morgan, there will also be a cash sweep of 100 per cent of excess cash while total debt remains above four times operating earnings, dropping to 50 per cent once the ratio falls below that mark. Under a cash sweep, any net profit made by the company is used to automatically pay down debt, on top of regular repayments, thereby shortening the time to maturity.from gulf today.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor