DUBAI: United Arab Emirates telecommunications firm du has borrowed $1.17bn in three separate deals to refinance existing debt and fund equipment purchases, the company said yesterday.
“The move lowers the company’s funding costs, saving approximately $9m over the term of the loan due to the favourable margins agreed with the banks involved,” du said in a statement.
Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Saudi Arabia’s Samba Financial Group have provided du with a $720m five-year facility.
Standard Chartered Bank has provided a $300m facility. DBS Singapore has provided a $150m facility.Reuters
