DEWA in $2.2b Ijara Financing Deal.Summary: DUBAI - Dubai Electricity and Water Authority has reached a deal with 18 banks for a borrowing facility of $2.2 billion to meet its commitment of refinancing its loan ahead of due date, banking sources said. The state-owned utility company, also called DEWA DEWA Division of Early Warning and Assessment DEWA Dubai Electricity and Water Authority DEWA Delaware Water Gap National Recreation Area (US National Park Service) , is expected to announce today details of the syndicated Islamic financing deal - Ijara or leasing - being coordinated by Emirate e·mir·ate n. 1. The office of an emir. 2. The nation or territory ruled by an emir. Noun 1. emirate - the domain controlled by an emir NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development , Dubai Islamic Bank The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975. Financial Information Figure 2004 2003 2002 Total Assets 30,613,361 22,778,319 19,587,790 Shareholder's Equity 2,687,419 1,548,180 1,473,986 NIAT 461,003 234,456 159,798 , National Bank of Abu Dhabi and Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 . Sources close to the deal was quoted by Reuters on Tuesday as saying that the facility was being provided with a margin of 300 basis points, which is 10 times the margin paid on the original Ijara raised in April 2007. "The new financing has a three-year maturity and will carry an irrevocable payment guarantee from the government." The refinancing by DEWA, which is rated 'A1' by Moody's and 'A+' by Fitch, comes close on the heels of a $600 million Ijara raised by Dubai Department of Civil Aviation to repay its $1 billion debt. In February this year, Borse Dubai, the state-owned holding company of Nasdaq Dubai, raised a $2.5 billion loan to refinance part of a $3.4 billion facility. With the latest on-time repayment of debt by a government entity, Dubai now will be left with a total of $8 billion in debts due for repayment this year. DIFC DIFC Dubai International Financial Centre Investments also repaid its $500 million syndicated loan facility before its maturity on December 5, 2008. issacjohn@khaeejtimes.com Copyright 2009 Khaleej Times. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion