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Du secures $720m loan

February 18, 2014 11:40 am

UAE telecoms operator, du has agreed terms on a $720m loan which will be used to replace two existing debt facilities and lower the company’s funding costs, Reuters has reported, citing two banking sources. The five-year loan will be provided by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Saudi Arabia’s Samba Financial Group, the sources said. The two facilities to be replaced are a $220m three-year loan which expires in June and a $500m facility raised in late-2012.