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Al Jaber seeks new terms for $4.5b debt

(Reuters)
Filed on July 3, 2015

Among the goals of the family-owned conglomerate are reducing the interest rate on the debt and extending the maturity of loans, the sources said speaking on condition of anonymity as the information isnít public.


Abu Dhabi-based Al Jaber Group is talking with banks to try to refinance around $4.5 billion of debt it restructured last year to improve terms and ease conditions imposed on the company by creditors, three sources aware of the matter told Reuters.

Among the goals of the family-owned conglomerate are reducing the interest rate on the debt and extending the maturity of loans, the sources said speaking on condition of anonymity as the information isn’t public.

Creditors have so far pushed back on any new deal though, with some claiming the company has not fulfilled the terms of the original agreement signed in June 2014, said one of the sources, a banker based in the United Arab Emirates.

They are also reluctant to embark on a fresh restructuring as the last deal took three-and-a-half years to hammer out.

Al Jaber declined to comment.





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