- LONDON: Dubai’s sovereign wealth fund ICD has agreed a $2.8 billion, five-year loan refinancing with banks which will be the largest loan to emerge from Dubai since its financial crisis, banking sources said.
HSBC, Standard Chartered, Citigroup and Emirates Bank have agreed the terms of the loan in principal and are talking to other banks about joining the deal, the sources said.
ICD could not immediately be reached for comment.
The loan, which refinances $6 billion of existing debt which matures in 2011, will have an interest margin of around 350 basis points (bps) over LIBOR, they added.
ICD asked 10-12 banks to submit proposals for a $4 billion loan in March.