By Aarti Nagraj www.gulfbusiness.com
Airport retailer Dubai Duty Free (DDF) has successfully concluded its debut financing deal and has secured a $1.75 billion, six-year unsecured syndicated credit facility, it announced in a statement.
The international financing included a conventional term loan and Islamic facilities and will be used to fund the on-going expansion of Dubai International Airport.
The financing was significantly oversubscribed, with strong support from a syndicate of 26 international, regional and local banks, DDF said.
“The transaction garnered a significant oversubscription which allowed DDF to exercise its right to upsize the facility from the initial launch amount of $1.1billion and to successfully reduce the margin by 25 basis points,” it said.
“We are extremely pleased with the very positive response that the transaction has elicited from the market and which enabled both an upsizing in the size of the financing and a tightening of the margin,” said Colm McLoughlin, executive vice chairman of DDF. More info