Group's official says Netanyahu's insistence on attacking Rafah was calculated to thwart any possibility of concluding an agreement
mena9 hours ago
Dubai has received commitments from a group of 10 banks for $9 billion in loans to take full control of port operator DP World and refinance debt of state investment vehicle Dubai World, two sources told Reuters.
The debt transaction is one of the few deals keeping investment bankers busy in the Gulf as the global coronavirus outbreak slams the brakes on capital markets activity.
Dubai last month said that state company Port and Free Zone World, part of Dubai World, planned to buy publicly-listed shares of DP World in a deal with a $13.9 billion valuation.
Citi and Deutsche Bank underwrote $9 billion in loans for the transaction and immediately started talks with other banks to distribute the debt, sources told Reuters at the time. This week a group of 10 banks, including Citi and Deutsche, signed commitments that covered and oversubscribed the $9 billion debt deal, said two sources close to the deal.
The other eight banks are Bank of Nova Scotia, Credit Agricole, Emirates NBD, First Abu Dhabi Bank, HSBC, JPMorgan, Samba Financial Group and Standard Chartered, one of the sources said.
The transaction involves a $3 billion five-year loan, with the rest of the financing comprising shorter-term debt, the source said. DP World, Citi, Deutsche Bank, Emirates NBD, JPMorgan, and Standard Chartered declined to comment while the other banks and the Dubai department of finance did not immediately respond to requests for comment.
As part of the deal, DP World will borrow $5.15 billion to fund a dividend to Dubai World, which is the sole shareholder of Port and Free Zone World. The loans will be sold over the coming weeks to a wider group of banks, both sources said.
- Reuters
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