Dubai World’s Limitless to seal $1.2bn debt deal
Indebted property developer offered to pay 175 basis points over the London Interbank Offered Rate
Dubai World’s property development arm, Limitless is close to concluding a $1.2bn debt deal ending talks that have lasted over two years, according to Reuters.
The indebted property developer revealed it has offered paying 175 basis points in interest over the London Interbank Offered Rate (Libor).
Limitless said private discussions are continuing with its lenders and that its $12bn project on the outskirts of Riyadh in Saudi Arabia, Al Wasl,would be priority project under the restructuring.
The developer also said it and Russian partner RDI Group had secured a $33m, three-year financing deal with Moscow’s Expobank for the continued construction of Zagorodny Kvartal, their mixed-use joint venture project near the Russian capital.
