And “Tecom”, listed on the Dubai Financial Market, owns and operates commercial complexes specializing in several sectors such as technology, media, education and industry, and offers real estate solutions such as commercial leasing, land leasing and industrial leasing.
The company said in a statement that the refinancing agreement “will produce positive results which will improve the volume of cash flows by providing the group with the necessary liquidity to move forward with the implementation of its clear plans. and well researched and its growth strategy.”
She added that the new agreement gives her better financing and commercial terms, which will help realize immediate savings in interest costs over the next five years.
The group was also able to increase the maturity period, in addition to the flexibility to withdraw the amount of the facilities until the maturity date, according to what was indicated in the press release.
According to the agreement, the credit facilities consist of two parts: the first is a term facility of AED4.4 billion (which is the amount drawn on the total existing facilities), and the second is a AED 3.2 billion revolving credit facility (equivalent to the available and unused amount of the current facilities). The facility will be repaid in one installment at the end of the maturity period.
Abu Dhabi Commercial Bank, Emirates NBD Capital Limited and Dubai Islamic Bank acted as authorized lead arranger in setting up these syndicated credit facilities.
Abdullah Belhoul, CEO of TECOM Group, said: “The new facilities will allow us greater financial flexibility as it will help us reduce borrowing costs and increase the financial leverage of TECOM Group, helping to advance the march of the group full of achievements and successes. , while creating greater value for our shareholders.
Michael Wonderbaldinger, Chief Financial Officer of TECOM Group, said: “At TECOM Group, we continue our tireless efforts to improve the cost of capital for the group according to our studied approach. In confirmation of these efforts, we have entered into the agreement to installation, which aims to have a positive impact on the net results of the group The facility will also contribute to this This will contribute to reducing our financial costs and to reinforcing our attractive financial situation, more in line with our financing needs during the period to come.
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