| The Dubai government said yesterday it closed syndication of a $600mn Ijara facility, or Islamic loan, for Dubai Civil Aviation that will be paid back in three equal semi-annual installments beginning April 2010. The government will use the multi-currency facility partly to refinance a $1bn Dubai Civil Aviation Ijara facility due for maturity this month, of which it has already paid back $365mn to investors, according to an emailed statement by the Dubai Department of Finance. The Dubai government will repay the rest of the facility using its existing resources. The government will exercise a ‘green shoe’ option for a further $35mn, the statement said. |
