AD Ports Group said in a statement that it had signed agreements with two UAE banks to finance its $2.25 billion syndicated loan on more favorable terms.
Publish dateSunday 22 September 2024 - 19:39
According to these agreements, the group’s $2.25 billion partnership loan received in April 2023 has been replaced with a Dh9.2 billion medium-term facility with a maturity of 2.5 years and Dh1.0 billion replacing the 1.5-year facility.
The refinancing transactions followed the Federal Reserve’s decision on Wednesday to begin its interest rate cutting cycle, the first rate cut since March 2020, according to the release.
The two new loan facilities also increase debt maturities through 2026 and beyond.
AD Ports Group is rated "A+" by S&P and "gcAAA" and "AA-" with a Stable Outlook by Fitch.
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Source : news agency wam
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