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FINANCIAL NEWS
Abu Dhabi’s TDIC plans giving up assets to cover 2014 debt
27 Feb 2012
(MENAFN) Abu Dhabi’s Tourism Development Investment Company (TDIC), the developer behind branches of the Louvre and Guggenheim museums, plans to sell some assets in order to USD2 billion bond obligations in 2014, Reuters reported.
CFO of the state-run company Shaun O’Connor said the developer had been in talks with GCC investors to sell assets including hotels and apartments on Abu Dhabi’s Saadiyat island and the Eastern Mangroves area, expecting some deals to be closed before the end of the first half of this year.
O’Connor added that TDIC needs between USD272.2 million1 to USD544.4 million in capital expenditure over the next five years, much of which will come from bank debt, capital markets and equity.
TDIC has a USD1 billion Islamic bond and USD1 billion conventional bond maturing in 2014. At the end of 2011, it had USD3.54 billion in debt outstanding and USD544.35 million in cash.
The firm’s total assets stood at around USD3.94 billion at the end of 2011 and include at least 10 operational hotels and resorts including The St. Regis Saadiyat Island resort. It also owns several retail and residential apartments
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