Dubai: The Investment Corp of Dubai (ICD) is seeking to raise a $1 billion (Dh3.67 billion) loan to refinance existing debt, according to two people with knowledge of the plan. The emirate’s main state-owned holding company is talking to banks to raise a five-year loan to partly repay a $2.55 billion facility that matures in June, said the people, asking not to be identified because the information is private. ICD will use its own cash to repay the rest of the loan, they said.
ICD raised the loan in 2013, and it includes a $875 million facility and a Dh6.15 billion ($1.7 billion) portion, both of which have conventional and Islamic tranches, according to data compiled by Bloomberg. The loan was priced at a spread of 215 basis points over benchmark rates.
