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MGM’s Dubai investor, unit seek $5.2 bln in loans

Filed on September 6, 2007

MANAMA - Dubai World, which agreed to buy into MGM Mirage last month, is raising a $2.7 billion loan while its subsidiary Dubai Ports World is borrowing $2.5 billion, bankers familiar with the transaction said on Thursday.

Government-owned Dubai World said last month it would invest up to $5.2 billion in MGM by buying shares and half a Las Vegas project, making it a player in the biggest gambling destination in the United States.

The bankers, who declined to be named, were not arranging the deal, but said they had been offered the opportunity to participate in syndication that started on Wednesday.

Dubai World was seeking a one-year loan priced at 85 basis points over the London Interbank Offered rate for the first six-months, and 110 basis points for the rest of the term, one banker said.

The Dubai Ports World five-year revolving facility was priced at 45 basis points over LIBOR, the banker said.

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