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Centurion, Dr Shetty raise $890m term loan

Abu Dhabi - The majority shareholders in both Travelex and UAE Exchange are Centurion Investments, a leading UAE investment firm, and Dr B. R. Shetty, a well-known entrepreneur and philanthropist.

The majority shareholders of UAE Exchange Centre and Travelex Holdings Limited have closed an $890 million term loan financing to support the growth of the two companies.
The majority shareholders in both Travelex and UAE Exchange are Centurion Investments, a leading UAE investment firm, and Dr B. R. Shetty, a well-known entrepreneur and philanthropist.
The Shareholders reserve the option to increase the size of the total facilities by $75 million.
The proceeds are being used to refinance the bridge loan for the acquisition of Travelex by the Shareholders completed in January 2015 and to finance the integration project to combine and expand the digital and geographic footprint of Travelex and UAE Exchange.
Travelex and UAE Exchange will continue to operate as two brands; each focused on their specific markets and product offerings, but will extend their reach by offering products through both platforms as well as benefit from the sharing of category expertise.
- haseeb@khaleejtimes.com