Nakheel pays interest on $750 million bond
Property developer Nakheel has made a $10.3 million coupon payment on a bond maturing in 2011.
January 19, 2010 11:07 by kippreport
Dubai-based property developer Nakheel has made a $10.3 million coupon payment (annual interest on a bond) on a $750 million bond maturing in 2011, the company’s spokesperson told Bloomberg on Tuesday. Nakheel was saved from defaulting on a $4.1 billion Islamic bond on December 14, after Abu Dhabi lent Dubai $10 billion the same day.
Nakheel’s parent company, Dubai World, had asked creditors for a six month debt standstill in November last year, and it is planning to make a formal request soon. Nakheel currently has two outstanding bonds – an AED3.6 billion bond maturing in May this year and the $750 million bond maturing in January 2011.