Dubai Duty Free (DDF) is pleased to announce that it has successfully completed the repricing of its $1.75bn equivalent syndicated facility originally signed in July 2012 and amended on the 15th of July 2013, and its US$ 750m syndicated financing facility signed in September 2013. The repricing transaction was launched on the 7th of August 2014 on the back of improved bank market conditions and to reflect DDF’s strong performance over the past 12 months.
DDF was able to reduce the margins on the US$ 1.75 billion facility to 1.75% above LIBOR on the US$ tranche and to 1.50% above EIBOR on the UAE Dirham tranche. In consideration for consenting to the repricing request, financial institutions are compensated with an amendment fee. The transaction was very well received by the existing lenders with several institutions offering to provide increased commitments. Citibank has acted as the sole coordinator on the repricing transaction and assisted DDF in successfully completing this transaction.
Dubai Duty Free has also successfully concluded a re-pricing exercise in relation to its US$ 750 Million Syndicated Financing Facility, which was originally signed in September 2013. As a result of the re-pricing exercise, the margin on the facility has been reduced from 2.25% p.a. over Libor to 1.75% p.a. The re-pricing exercise was co-ordinated by Emirates NBD Capital Limited on behalf of Dubai Duty Free and received a strong response from the participating banks, which underpins the continued confidence in Dubai Duty Free’s robust business and financial fundamentals”
The reduced margins will become effective on the next interest roll-over date.
