Dubai World Corporation announced that it had completed yesterday its debut syndicated fundraising of US$ 5.0 billion in loans through a syndicate of three major European banks to fund part of its global acquisitions and investments, as well as for general corporate purposes.
Due to overwhelming demand from the market, Dubai World Corporation is pleased to announce that it has elected to increase the total facility size to US$ 5 billion from an initial launch amount of US$ 2.7 Billion.
The loan was sold to over 50 banks from 27 countries globally, with approximately 40 percent of demand coming from European banks, 30 percent from Asian banks and 21 percent from Gulf region financial institutions.
Credit Suisse International, Deutsche Bank AG, London Branch, and The Royal Bank of Scotland plc were the Initial Mandated Lead Arrangers and Bookrunners of the Facility.
Ms. Maryam Sharaf, Group Chief Financial Officer, Dubai World, said: "We are happy to see banks from around the world participating in our facility. This is reflective of our global investment strategy." According to Rashid Sheikh, Group Treasurer, Dubai World Corporation: "We are delighted with the response and level of commitments received from the global banking community to our debut offering. This clearly demonstrates Dubai World's ability to raise capital even in difficult market conditions." Syndication of the Facility was launched on September 4 to a selected group of financial institutions. Management Presentations for the benefit of potential lenders, presenting an overview of Dubai World and its core operating subsidiaries and detailing the transaction, took place in London, Dubai, and Hong Kong. Source
Due to overwhelming demand from the market, Dubai World Corporation is pleased to announce that it has elected to increase the total facility size to US$ 5 billion from an initial launch amount of US$ 2.7 Billion.
The loan was sold to over 50 banks from 27 countries globally, with approximately 40 percent of demand coming from European banks, 30 percent from Asian banks and 21 percent from Gulf region financial institutions.
Credit Suisse International, Deutsche Bank AG, London Branch, and The Royal Bank of Scotland plc were the Initial Mandated Lead Arrangers and Bookrunners of the Facility.
Ms. Maryam Sharaf, Group Chief Financial Officer, Dubai World, said: "We are happy to see banks from around the world participating in our facility. This is reflective of our global investment strategy." According to Rashid Sheikh, Group Treasurer, Dubai World Corporation: "We are delighted with the response and level of commitments received from the global banking community to our debut offering. This clearly demonstrates Dubai World's ability to raise capital even in difficult market conditions." Syndication of the Facility was launched on September 4 to a selected group of financial institutions. Management Presentations for the benefit of potential lenders, presenting an overview of Dubai World and its core operating subsidiaries and detailing the transaction, took place in London, Dubai, and Hong Kong. Source
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