Tecom completes an agreement to refinance its credit facilities with favorable financing terms

TECOM Group, listed on the Dubai Financial Market, announced today that it has completed an agreement to refinance unsecured facilities for a period of five years with a value of AED 7.6 billion. Partially returned and for the same total value.

According to TECOM, this agreement will yield positive results in improving liquidity levels by providing the Group with the necessary cash flow through the implementation of its clear and well-researched plans and growth strategy.

Abu Dhabi Commercial Bank, Emirates NBD Capital Limited and Dubai Islamic Bank; Acting as an authorized lead arranger in arranging these syndicated credit facilities.

With the new deal, the group has succeeded in securing better financing and commercial terms, which will contribute to achieving immediate savings in interest expenses over the next five years. In addition to the flexibility in withdrawing from the facility amount up to the maturity date, the maturity period has also been increased.

According to the agreement, the credit facilities consist of two tranches, the first is a term facility of 4.4 billion dirhams (which is the amount drawn on the total current facilities), and the second is a revolving credit facility of 3.2 billion dirhams (which is equal to the available and unused amount of current facilities). The facility is repaid in one installment at the end of the maturity period.

Abdullah Belhoul, Chief Executive Officer, Tecom Group, said the new facilities will enable greater financial flexibility, lower borrowing costs and increase the financial leverage of the Tecom Group, thereby contributing to the Group’s march of achievements and successes, and to achieve more. Value for shareholders points to benefiting from strong financial position and superior performance. To access abundant liquidity in the UAE banking sector in the commercial sector.

See also  Oil prices rise after OPEC report on crude oil market strength Economy

For his part, TECOM Group Chief Financial Officer Michael Wunderbaldinger said the group continues its relentless efforts to optimize the group’s capital expenditure in line with its planned approach. profits, and contribute to reducing financial costs and improving financial position.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare