DUBAI, March 4 United Arab Emirates
telecommunications firm du has borrowed $1.17 billion in
three separate deals to refinance existing debt and fund
equipment purchases, the company said on Tuesday.
The deals include a $720 million package reported by Reuters
last month and agreements with Standard
Chartered Bank and DBS Singapore to refinance
and top up existing loans.
"The move lowers the company's funding costs, saving
approximately $9 million over the term of the loan due to the
favourable margins agreed with the banks involved," du said in a
Abu Dhabi Commercial Bank, National Bank of Abu
Dhabi and Saudi Arabia's Samba Financial Group
have provided du with a $720 million five-year
Standard Chartered Bank has provided a $300 million
facility, which includes the refinancing of the existing $100
million facility plus an additional $200 million of new
DBS Singapore has provided a $150 million facility, which
includes refinancing the existing $100 million facility plus an
additional $50 million of new facilities.
All loans carry an all-in cost of 140 basis points (bps)
over the London interbank offered rate (Libor).
(Reporting by Olzhas Auyezov; Editing by Kim Coghill)