(LONDON) Government-owned Dubai property company Limitless has launched syndication of a US $1.2 billion, two-year Islamic loan, which will be used to finance international projects, the borrower announced.
A bank meeting was held on Sunday in Dubai and further roadshows will be held in Singapore, Kuala Lumpur and London, the company said, adding that Emirates Bank and Emirates Islamic Bank are initial lead arrangers.
A banking source told Reuters Loan Pricing Corp (RLPC) that Arab National Bank and National Bank of Abu Dhabi joined the deal as mandated lead arrangers prior to the syndication launch.
The banker added that the deal pays a margin of 125 basis points (bps) over the London Interbank Offered Rate (Libor).
Source: Reuters (Business Times 15 Jan 08)