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Dubai to raise $800 mln monetising road toll receipts
Says six-year financing to be in dual currency; Proceeds to fund RTA's infratsructure projects; Citi, ENBD, CBD and DISB lead arrangers and book-runners
April 7, 2011 2:52 by Reuters
Dubai’s Department of Finance plans to raise $800 million by monetising road toll receipts and will use proceeds to fund infrastructure projects in the Gulf emirate, a statement from the Dubai government said.
The dual currency, six-year financing, would support the Roads and Transport Authority’s infrastructure projects and was expected to have a conventional and Islamic tranche, the statement said. Citibank, Commerical Bank of Dubai, Emirates MMBD and Dubai Islamic Bank are the mandated lead arrangers and book-runners for the financing.
The transaction was expected to be syndicated further to a group of banks, the statement said. (Reporting by Dinesh Nair, Editing by Nick Macfie) ([email protected]; +971 4 391 8301; Reuters Messaging:[email protected]))