Dubai Holding extends repayment

Dubai Holding has reached an agreement with lenders to extend a $1.16 billion syndicated loan due on August 18, the company said on Wednesday.

"We already have full lender support to extend this loan until December 2016 and are currently in the documentation process", a Dubai Holding spokeswoman said in an email.

The loan includes an $840 million conventional tranche and a $300 million Shariah-compliant tranche and was originally due to mature next week, Thomson Reuters data showed.

The Islamic tranche was arranged by Standard Chartered and Noor Islamic Bank, while Mashreq, Morgan Stanley, BofA Merrill Lynch, Bank of Tokyo Mitsubishi, Credit Agricole, Emirates NBD and Union National Bank were book-runners.

In July, Dubai Holding's main unit, DH Commercial Operations Group repaid a 250 million Swiss franc bond, and said the group was committed to meeting its financial obligations.

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