Dubai’s JAFZA in bank talks over
DUBAI, Feb 6 (Reuters) Dubai Jebel Ali Free Zone canada goose coats is in talks with canada goose uk black friday banks about how canada goose black friday sale to repay its 7.5 billion dirhams ($2 billion) Islamic bond due November, with most of the liability set to be rolled over using a syndicated loan and a new sukuk, sources said.
The Dubai government owned free zone is in canada goose talks with Dubai Islamic Bank, canada goose coats on sale National Bank of Abu Dhabi and Standard Chartered about how to meet the obligation, two sources told Reuters on Monday, although the banks have not been formally buy canada goose jacket appointed to any role.
While details have not been finalised, the majority of the sum will be rolled over into new facilities, with a small amount coming from internal cash reserves.
are likely to pay back 500 million dirhams themselves, then raise as much as they can with a loan, and then get the rest from the sukuk, a banking source said.
is just canada goose store discussions and there is nothing on paper yet. but the way it was discussed was do the syndication first and then the sukuk. The sukuk maybe in September, after Ramadan, would be my guess.
A spokesman for JAFZA declined to comment.
JAFZA chairman Hisham Abdullah al Shirawi told Reuters in December it was talking with financial institutions to refinance the Islamic bond canada goose clearance sale and, while asset sales might be canada goose uk outlet considered to raise funds, it would not need government assistance.
A request for proposals was sent related https://www.canadagoosetomall.com Canada Goose Outlet out to banks two or three months ago by investment bank Rothschild, canada goose clearance which is advising JAFZA, the same source said, although some of the plan Canada Goose Parka detailed in the document has now been amended.
No mandates for buy canada goose jacket cheap the sukuk have canada goose uk shop been awarded, according to two sources, with the potential for additional fee generating business to be used as a carrot to attract as many banks as possible onto the loan, one of the sources said.
there is a loan element to the package, it would be Canada Goose Online interesting to see which banks currently have the capacity to extend balance sheet to Canada Goose Coats On Sale JAFZA and support the deal, said a Gulf based analyst, who spoke on the condition of anonymity.
would be investor interest in Canada Goose online a sukuk, because people like the JAFZA model. But it all depends on what the company is cheap canada goose uk willing to pay. In the current environment, JAFZA is unlikely to price at the tighter end of pricing seen on recent deals from Dubai entities.
CHALLENGING MATURITY JAFZA November maturity has been highlighted in recent months as one of the biggest refinancing challenges in the Gulf Canada Goose Jackets region in 2012.
In a note to clients on Feb. 1, Exotix said that without asset sales, government assistance or new debt, JAFZA would face a $1.7 billion liquidity cheap Canada Goose shortfall at the maturity date.
our base case remains that JAFZA can repay uk canada goose outlet the large $2 billion sukuk, a potentially deteriorating economic and financing environment over the next year can pose large risks to Canada Goose sale JAFZA from an execution canadian goose jacket and refinancing perspective, it said.
JAFZA last financial statement, for 2010, recorded cash reserves of 493.5 million dirhams.
Asset sales could increase the amount of capital JAFZA has to assist in repayment. Sources uk canada goose told Reuters last month its parent canada goose factory sale company, Economic Zones World, a unit of Dubai World, was looking to offload its stake in British based warehouse property developer Gazeley to do that.
The bid yield on JAFZA sukuk fell below 8 percent for the first time since July on Feb. 2 and has crept back up since. It was bid at 94.500 on Monday, to yield 9.77 percent.
The original bond was managed by DIB and also Barclays, Deutsche Bank and Lehman Canada Goose Outlet Brothers. ($1 = 3.6730 UAE dirhams) (Additional Reporting by Rachna Uppal; Editing by Dinesh Nair).