Dubai Duty Free picks banks for $1.1bn loan

Dubai, April 9, 2012

Dubai Duty Free (DDF) has selected leading banks to arrange and coordinate its debut $1.1 billion senior unsecured conventional and Islamic financing facilities.

The mandated banks include: Citibank NA, London Branch; Dubai Islamic Bank; Emirates NBD Capital and HSBC Bank Middle East and each of their respective affiliates, as appropriate.

Abu Dhabi Commercial Bank has pre-committed to the facilities alongside the coordinators as a mandated lead arranger and bookrunner, said a statement.

The purpose of the facilities is to optimise DDF’s capital structure in order to support the further development at Dubai International Airport (DIA). DDF is the exclusive operator of retail duty free shops and seller of goods exempt from duty at the airports in the Emirate of Dubai.

The syndication was launched on April 5 with banks invited to commit in US Dollars and/or UAE Dirhams. DDF will be hosting a management presentation in Dubai during the week commencing today (April 9). – TradeArabia News Service

Tags: banks | loan | Dubai Duty Free | facility |