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Dubai Holding unit DIC inks $2.5 bln debt deal
April 5, 2012 / 5:21 AM / 5 years ago

Dubai Holding unit DIC inks $2.5 bln debt deal

DUBAI, April 5 (Reuters) - Dubai Holding [DUBAH.UL], the investment conglomerate owned by the emirate’s ruler, on Thursday said its private equity arm reached an agreement with creditors on $2.5 billion of debt.

Dubai International Capital (DIC), which has stakes in Travelodge and Germany’s Almatis, will extend $2.15 billion of outstanding liabilities by five years and pay a coupon of 2 percent on the amount as part of the agreement with creditors, Dubai Holding said in a statement.

The remaining $350 million of the facility will be extended for three years at unchanged interest.

DIC also formed a new board for the company, naming Fadel al-Ali, a senior executive at Dubai Holding as the new chairman. David Smoot, DIC’s current chief executive has also been appointed to the board, the company said.

DIC’s core creditors included, HSBC Holdings (HSBA.L), Royal Bank of Scotland (RBS.L), Emirates NBD (ENBD.DU) and Mashreq (MASB.DU)

((Reporting by Dinesh Nair; Editing by Praveen Menon)), +971 4 391 8301, dubai.newsroom@reuters.com))

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