Saudi Gazette - Jumeirah Group gets $1.4b loan:
"Jumeirah Group, the global luxury hotel company and a member of Dubai Holding, announced today that it has successfully raised a $1.4 billion unsecured syndicated loan priced at 2.75 percent above LIBOR due 2019.
The facility was lead arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah Group was advised by Rothschild on the transaction.
The loan will be used for expansion plans as Jumeirah continues to grow in the years ahead as well as for general corporate purposes, at the parent level, for Dubai Holding Commercial Operations Group.
Gerald Lawless, President and Group Chief Executive Officer, Jumeirah Group, said “the pricing we have been able to achieve for this syndicated loan is a testament to the Company’s financial strength and future prospects. This financing will support our focus on driving profitable revenues from the existing portfolio while giving us the headroom to continue our local and international expansion. This is the first time we have raised funds through a syndicated loan and we are pleased to be supported by the highest caliber of international and local banks.”"
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