Dubai's Port & Free Zone World, which owns 80.5 per cent of DP World has signed a $850 million loan refinancing, two banking sources said on Tuesday 20 September, cited Beltone Financials.
The deal, which replaces a $1.15 billion facility which matures this month, was signed by 15 banks in total and was split almost evenly between a conventional tranche and a sharia (Islamic rules)-compliant tranche.
Citibank, Deutsche Bank, Emirates NBD and HSBC underwrote the transaction before it was launched into syndication in July 2011.
It had originally been a purely conventional loan but a sharia-compliant tranche was added last month to tap liquidity within the Islamic banking sector. The facility has a five-year amortising tenor and carried a margin of 350 basis points. The loan replaces a three-year deal of which $850 million was the remaining net amount.