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Dubai: Dubai Emirates Integrated Telecommunications Company (du) on Saturday announced a Dh3 billion medium term syndicated loan facility to finance its network expansion over the coming years.
"We are pleased to have secured our medium-term funding requirements through working closely with Mashreq whom we have appointed to lead the transaction on our behalf," said Osman Sultan, chief executive of du.
"The faster acquisition of subscribers, and consequently increased revenue, over and above that included in our initial business plan has led us to pull forward certain capital expenditure. This financing facility will enable us to roll out our network infrastructure faster so that we have the increased capability and capacity required to deliver our services to more customers across the Emirates."
It is expected that the facility will be syndicated to local and international financial institutions over the coming three months.
"We are very pleased to lead the transaction for one of the foremost listed companies in the country," said Omar Bouhadiba, head of corporate and investment banking Group in Mashreq.
"In a very short period of time, since its inception, du has surpassed all expectations and built up an envious franchise. Having led a number of high profile transactions in recent months, Mashreq will employ its vast experience and network to secure a successful syndication for du."
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