Dubai Duty Free secures $1.75b credit facility

Dubai Duty Free
Clifford Chance Dubai advised Dubai Duty Free on its debut $1.75billion six year senior unsecured syndicated credit facility. This comprised of a conventional term loan facility and two different Islamic facilities.

This financing will fund the on-going expansion of Dubai International Airport and is the largest syndicated facility for a debut Dubai Government related entity since 2008.

“We are extremely pleased with the very positive response that the transaction has elicited from the market and which enabled both an upsizing in the size of the financing and a tightening of the margin. This is a highly successful debut financing which sets a benchmark for DDF’s future funding strategy and allows us to focus firmly on implementing our development plans for the benefit of all stakeholders,” Colm McLoughlin, Executive Vice Chairman said.

“We were delighted to be involved in such a high-profile transaction with Dubai Duty Free. We pride ourselves at being at the forefront of the finance sector in the Middle East and this is another testament to the strength of our practice,” Debbie Walker, Partner, Clifford Chance, added.

The Dubai Clifford Chance team was led by Dubai banking and finance partner Debbie Walker and supported by Marco Tramontano, Elias Moubarak and Cheuk-Yin Cheung.

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