Reverse-flex for Dubai revenue-secured deal

Big demand for the $800m six year transportation loan secured by toll road revenues for Dubai-based SPV Salik 1 has enabled the borrower to try to reverse-flex the margin on the deal by 25bp.

  • 14 Jun 2011

The borrower is seeking to cut the margin from 350bp to 325bp after the deal was 1.5 times oversubscribed. Most lenders have agreed to the flex and the margin cut is expected to go through.

Deal hunger among under-lent banks in the Middle East drove the oversubscription and suggests ...

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