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Dubai’s du gets $220 mln 3-yr refinancing facility

"Some of the loan facility will be used to repay the existing 3 billion dirhams loan that becomes due at the end of June, and the rest will be used to fund our ongoing investment," du said in a statement issued to Dubai bourse on Tuesday.

June 7, 2011 9:26 by



UAE telecom operator du closed a $220 million three-year refinancing facility which will help in the repayment of a loan maturing on June 30, it said on Tuesday.
“Some of the loan facility will be used to repay the existing 3 billion dirhams loan that becomes due at the end of June, and the rest will be used to fund our ongoing investment,” du said in a statement issued to Dubai bourse on Tuesday.
National Bank of Abu Dhabi , Emirates NBD Bank and Samba Financial Group were the lead managers on the facility, while Mashreq Bank was the co-arranger for the loan, du said.
Du expects to grow its revenue by 20 percent in 2011 by planning a nationwide rollout of its services before the year end and continued investments to boost its infrastructure. (Reporting by Dinesh Nair, Editing by Shaheen Pasha)



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