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Dubai Holding will prepay $319.3m loan 19 months early

by on April 24, 2014 10:05 am BST

Dubai Holding Commercial Operations Group (DHCOG) on Wednesday announced that on May 13, it will voluntarily prepay the entire outstanding principal of $319.3 million (Dh1.17 billion) along with accrued interest, of the amortising $555 million facility originally maturing on December 31, 2015.

The prepayment of this secured facility will be made from DHCOG’s available funds. The company will use available funds to repay the amount, which is the remainder due on a $555 million facility maturing in December 2015.

Since 2011, DHCOG has been consistently paying all its outstanding bonds on maturity. Most recently, DHCOG repaid 750 million-euro (Dh3.75 billion) bond in January 2014.

The Group’s next significant maturity is £500 million (Dh3 billion) bond due in February 2017.