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Dubai developer Omniyat raising $100 mln syndicated loan -sources
October 6, 2016 / 2:52 PM / in a year

Dubai developer Omniyat raising $100 mln syndicated loan -sources

Oct 6 (Reuters) - Omniyat, a Dubai-based property developer, is syndicating a $100 million loan, banking sources said.

The debt facility has a three-year maturity and syndication is in the final stages, they said. The company did not respond to an emailed request for comment.

Abu Dhabi Islamic Bank is the sole lead bank on the loan. It offers a margin in the region of 400 basis points over the London interbank offered rate (Libor), a banking source said.

Since its launch in 2005, Omniyat has accumulated a development portfolio of over $6.2 billion, according to its website. (Reporting by Davide Barbuscia; Editing by Andrew Torchia)

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