Some hotels quote Dh1,000 to Dh8,000 for standard hotel room that would usually start at around Dh345 per night
Borse Dubai, the holding company of Nasdaq Dubai and the Dubai Financial Market, said in an emailed statement that it had informed the participating banks of its “decision to exercise the one-year extension options of the multi-currency syndicated facility.”
The decision to extend the loan to February 2011, which came one month ahead of the repayment date, also sought to put to rest speculation about how the government-owned entity would meet its maturity obligation.
Borse Dubai raised the syndicated financing in February 2009 with a one-year maturity plus a one-year extension option at the discretion of the borrower. The facility has a conventional and Islamic tranche, and pays 325 basis points a year over the London interbank offered rate.
Participating banks included India’s Bank of Baroda, Dubai Islamic Bank PJSC, Emirates Bank International PJSC, HSBC Holding PLC, National Bank of Abu Dhabi PJSC, Skandinaviska Enskilda Banken AB, The Bank of Tokyo-Mitsubishi UFJ Ltd. and Union National Bank.
At the time of raising the loan a year ago, Borse Dubai said the $2.5 billion Term Loan Facility, which together with a $1 billion equity injection from shareholders, would help refinance the aggregate $3.8 billion Term Loan and Guarantee Facility used to fund investments into Nasdaq OMX Group and the London Stock Exchange.
Some hotels quote Dh1,000 to Dh8,000 for standard hotel room that would usually start at around Dh345 per night
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