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Emirates Integrated Telecommunications Company PJSC ("du") today announced the full repayment of the company’s three year AED 3 billion (USD 817 million) dual currency syndicated loan facility as part of its ongoing capital optimisation programme.
The loan, due for repayment on 30 June 2011, has been repaid to the syndicate of 16 banks, using a combination of existing financing facilities and cash.
Osman Sultan, Chief Executive Officer of du said, "We are pleased to be in a such a strong position to repay this facility using the most efficient resources available to our company; We continue to strengthen our financial and operating position through this well-defined financing and executed strategy." The AED 3 billion medium term strategic financing arrangement was du’s debut debt offering in 2008. It has enabled the telecommunications provider to roll out network infrastructure faster and put in place the increased capability and capacity required to deliver services to more customers across the UAE.
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