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Five Holdings repays $300m syndicated financing ahead of schedule

Five Holdings has repaid its $300m (AED1.1bn) syndicated finance package 13 months ahead of schedule, the firm announced on Tuesday

The international syndicate was used to support two projects.
The international syndicate was used to support two projects.

Five Holdings has repaid its $300m (AED1.1bn) syndicated finance package 13 months ahead of schedule, the firm announced on Tuesday.

The international syndicate for the dual Islamic and conventional financing was used to support the construction of its FIVE Palm Jumeirah and FIVE Jumeirah Village Dubai projects.

Eric Stoclet, acting head of Global Wholesale Banking at ADIB, said: “We are pleased to have supported this success story by arranging and leading the Islamic tranche of this syndicate.”  

The syndicated financing was backed by seven financial institutions, including Abu Dhabi Islamic Bank, a leading financial institution in the MENA region

Industrial and Commercial Bank of China, the Agricultural Bank of China, and Bank of China and China Minsheng Banking Corp, as well as Invest Bank and Arab African International Bank also backed the transaction.

FIVE Palm Jumeirah opened its doors in March 2017 while FIVE Jumeirah Village Dubai will open in the fourth quarter of 2018.

 

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Construction Week - Issue 749
Sep 15, 2019