DUBAI, March 26 Kerzner International Hotels
Limited, which operates hotels including Dubai's
Atlantis resort, has signed a $145 million loan refinancing, the
company said in a statement on Tuesday.
Kerzner, which completed a $2.6 billion debt restructuring
in April last year, said the new loan refinancing was part of
its strategy to reduce financial obligations.
"The move will significantly reduce interest costs to the
company, extending its debt maturity profile to five years and
allowing it to reinvest in growth projects," the statement said.
Deutsche Bank underwrote the loan before selling
portions of the debt to Abu Dhabi Commercial Bank,
Ahli United Bank, Emirates NBD and Doha Bank
during a syndication phase.
Kerzner sold its stake in Dubai's Atlantis resort to joint
venture partner Istithmar World, a unit of state-owned flagship
conglomerate Dubai World, for $250 million.
Under its restructuring plan, Kerzner exchanged its stakes
in two hotels in the Bahamas - Atlantis Paradise Island and
One&Only Ocean Club - for $175 million of debt owned by
Brookfield Asset Management Fund, as well as rearranging other
(Reporting by David French; Editing by Praveen Menon)