Real estate related economic and financial news covering the MENA region.
Investcorp seeks $500m-plus loan
Jun 10, 2012
Bahrain-based investment firm, Investcorp is seeking a loan of more than $500m to help refinance debt due in 2013, as it looks to head off any potential refinancing risk next year, Reuters has reported, citing four sources familiar with matter. Investcorp has already raised the majority of the funds for the loan from banks in an earlier stage of financing, the sources said. The loan is split between three tranches, lasting 1.5 years, 2.5 years and 3.5 years, with banks joining the facility allocated across the three on a 15, 20 and 65% ratio respectively, the sources said. The three-tranche facility will be used to replace existing obligations, a $500m and $243m loan due in March and April 2013, respectively, and a bilateral facility also maturing next year.