Qatari Diar shocks lending group after making switch to Islamic refinancing strategy

10 Sep 2009

Qatari Diar, the real estate and investment company, stunned its usual bank lenders when it launched an ambitious five year Qr3.5bn ($961m) Islamic facility this week to refinance a maturing euro-denominated acquisition bridge.

The borrower changed its approach to the deal, originally split between conventional and Islamic tranches, barely a weeek ago, ditching its international arrangers in favour of sole bookrunner Qatar Islamic Bank (QIB).

Qatari Diar had tapped the loan market last year for a Eu637m facility to back its purchase ...

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