x Abu Dhabi, UAESunday 23 July 2017

du secures $500m loan to fund business

The UAE's second mobile operator du has secured a $500 million, five-year club debt facility to fund its medium-term capital expenditure.

Emirates Integrated Telecommunications, or du, today said that it had secured a US$500 million, five-year club debt facility to fund its medium-term capital expenditure.

Abu Dhabi Commercial Bank acted as senior mandated lead arranger for the facility, with National Bank of Abu Dhabi and Samba Financial Group serving as mandated lead arrangers, the company said in a Dubai bourse filing. Mashreq Bank acted as co-arranger.

Du said the club debt facility was priced at a 1.75 per cent margin over the London Interbank Offered Rate.

Last week du said it had signed a $100m, three-year loan facility with Singapore's DBS Bank to fund its capital investment plans.

* Reuters