Emirates International Telecommunications LLC seeking for $572m refinancing

According to two people close with the matter, Dubai Holding’s Emirates International Telecommunications LLC unit is in conversation with banks to raise about 2.1 billion dirhams ($572 million) to refinance an existing loan.

The company, which owns stakes in Axiom Telecom and Du, is in talks with lenders including Noor Bank PJSC, Emirates NBD PJSC and Commercial Bank International PSC about a club loan, said the people, asking not to be identified since the information is private.

The people mentioned that the facility would be backed by EIT’s telecom stakes. The company has loans of about 2.1 billion maturing in 2020, according to data collected by Bloomberg. EIT refuses to comment.

Dubai Holding agreed in December to sell EIT’s 35 percent stake of Tunisie Telecom to buy firm Abraaj Group.

 

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