|11-06-2014, 08:37 AM||#1|
TECOM Investments eye AED4.5 billion loan
Free-zone operator TECOM Investments mandated UAE banks to raise a syndicated loan on Tuesday, with sources saying the loan would amount to AED4 billion ($1.1 billion).
TECOM Investments is expected to use the funds from the facility for its growth plans, with some of the cash to go for its parent company, which is Dubai Holding.
The loan facility will have a lifespan of 7-8 years and also an amortizing structure.
TECOM told Reuters in September is was looking to raise a loan facility and the funds would be used to "support future growth opportunities and other strategic objectives". It declined to comment further.
However, at the beginning of the week, TECOM announced plans of an AED4.5 billion “innovation Investment” project that will create a new zone for technology, smart education and scientific industries, spread across the next 10 years.
TECOM said it aims to add more than thirty thousand jobs in the corresponding period.
TECOM’s direction for a financing through a loan facility shows that companies in the UAE still depend on bank loans, even on such big investments.
This could mean that even when regulators assign a standardized debt capital market, it will still take time for most companies to join in and use debt financing to fund capital.
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