DDF refinances as Dubai borrowers watch margins fall
Dubai Duty Free (DDF) is hoping to reprice a $1.75bn six year loan it signed in July 2012. The borrower has watched the loans market and the margins on offer improve steadily, and will not be the only Middle East borrower wanting to push pricing tighter, said loans bankers.
The loan is split between dirham and dollar tranches, which were both priced at 325bp over Libor. DDF is hoping to knock 100bp off the domestic tranche, 75bp from the dollar loan and has already received approvals from several of the 26 banks that participated, said a Dubai-based
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