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FINANCIAL NEWS
Dubai’s du inks USD500m club facility
23 Dec 2012
(MENAFN) Dubai’s Emirates Integrated Telecommunications Co (du) has raised USD500 million, five-year club debt facility to meet its medium-term capital expenditure, Reuters reported.
du said the club debt facility was priced at a 1.75 percent margin over the London Interbank Offered Rate (LIBOR).
Earlier this month, the firm secured USD100 million, three-year loan facility from an Asian lender, aimed to fund its capital investment plans.
Osman Sultan, CEO of du said that the nature of the telecoms business is that it requires sustained investment in infrastructure.
He added that the cash will be used to fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE.
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