Dubai Will Get a $3 Billion Loan to Fund Airport ExpansionBy
Seven-year facility to pay interest of 200 basis points
Lenders had been seeking higher pricing on the loan last year
Dubai agreed a $3 billion loan with banks to fund the expansion of Dubai World Central airport and logistics hub as it prepares to host the World Expo in 2020, people familiar with the matter said.
The emirate will pay interest of 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on the seven-year facility, said the people, asking not to be identified because the talks are private. It will also pay a one-time fee of 85 basis on the loan value, they said. HSBC Holdings Plc is advising the government on the talks and an agreement is expected to be signed within weeks, the people said…
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