October 17, 2018 / 11:26 AM / 8 months ago

Dubai's Emirates NBD raises $2 billion loan

DUBAI, Oct 17 (Reuters) - Emirates NBD (ENBD) raised a $2 billion three-year loan late last month, a representative for Dubai’s largest lender said.

A group of 18 banks committed to the transaction.

ENBD will use part of the loan proceeds to refinance an existing $1.7 billion term loan facility and the remainder for general corporate purposes.

“As a result of strong interest in the facility, Emirates NBD were able to upsize the facility to $2 billion whilst still applying significant scale-back and achieving a competitive funding cost,” the representative said.

Sources told Reuters in July that the bank was discussing a rollover of the $1.7 billion loan, which was signed in 2016 and was due in 2019.

Reporting by Davide Barbuscia; editing by Jason Neely

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