State-owned investment group Dubai World has launched syndication of a $5 billion term loan, which will be used to refinance the borrower's $5 billion, 364-day bridge loan that signed last year, a banking source said on Friday. The loan consists of a two-year tranche and a three-year tranche, worth $2 billion each, and a $1 billion five-year tranche.
The two-year facility pays a margin of 135 basis points (bps) over LIBOR, the three-year facility pays 160 bps and the five-year tranche pays 185 bps, the source added.
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