x Abu Dhabi, UAE Friday 21 July 2017

Du pays off its Dh3 billion loan

Du repays a Dh3 billion loan to a syndicate of 16 banks, the telecoms operator said today.

Du has repaid a Dh3 billion loan to a syndicate of 16 banks, the telecoms operator said today.

It repaid the dual-currency syndicated loan using a combination of existing financing facilities and cash, the company said in a statement to the Dubai bourse.

Osman Sultan, chief executive of du, said the operator was "pleased to be in a such a strong position to repay this facility using the most efficient resources available to our company".

The financing arrangement, taken out in 2008, was the first debt offering by the company. It was used for the expansion of the operator's network across the UAE.

bflanagan@thenational.ae