Dubai World To Offer Higher Rates On Loan Refinancing

May 2008 | Top Stories

Dubai World, the state-owned investment group, has said that it will offer higher rates when it meets with banks over the coming weeks to refinance a US$5bn loan it signed last year. Under the current loan - which is worth US$5bn and lasts for one-year - the group pays 85bps more than benchmark rates, which rises to 110bps after six months. This debt backs the company's plans to buy a stake in US casino operator MGM Mirage, the world's second largest casino company, as part of its strategy to diversify into alternative industries, such as entertainment. The Michigan Gaming Control

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