Investment Corporation of Dubai (ICD), a state-owned holding company, will repay $4 billion of loans rather than opting to refinance them, Financial Times reports. It will repay two three-year tranches that are due Aug. 21, 2011, including a $2.5 billion conventional loan and a $1.5 billion sharia-compliant facility.
ICD started raising a $2.8 billion loan to help repay the $4 billion facility, adds Bloomberg. Citigroup, HSBC Holdings and Emirates NBD coordinated the conventional tranche, while Standard Chartered and Mashreqbank managed the Islamic portion.
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