A general view of Atlantis resort in Dubai. Dubai’s iconic island resort, Atlantis, The Palm, owned by Investment Corp of Dubai (ICD) is looking to reprice or refinance an $880mn syndicated loan signed in September 2013, banking sources said. The five-year loan was provided by seven local and international banks comprising Barclays, HSBC, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, Commercial Bank of Dubai, Union National Bank and Emirates NBD and was priced at 500 basis points (bps) over Libor. Airport retailer Dubai Duty Free (DDF) is also in the process of repricing a $1.75bn syndicated loan for the second time in just over a year to obtain more favourable terms, a fresh sign of banks’ willingness to lend cheaply to the emirate. However, despite a more bullish market in the UAE it is unclear whether Atlantis would be able to reprice its loan as easily as DDF.
