Dubai Holding Commercial Operations Group confirms repayment of US $ 500m bond

Press release

Published January 25th, 2012 - 11:58 GMT

Dubai Holding

Dubai Holding Commercial Operations Group (DHCOG) confirmed today the repayment, on February 1, of a US $500 million bond and three scheduled coupon payments on its Medium Term Notes.

Ahmad Bin Byat, Chief Executive Officer, Dubai Holding said: “Dubai Holding Commercial Operations Group will repay the US dollar bond, and make the coupon payments, from its internal cash flow. Today’s announcements reaffirm DHCOG’s proven track record of meeting its financial obligations in full when they are due.

“DHCOG’s operating liquidity remains good. It has robust hotel management, telecom, free zone and property businesses that contribute a healthy cash flow.”

Details on the Medium Term Notes are:

The USD 500,000,000 Floating Rate Medium Term Note (3M USD LIBOR + 0.375% p.a. floating rate) due on the 1st February, 2012. The total coupon payment of USD 1,027,900 is for the period 1st November, 2011 to 1st February, 2012.

The EURO 750,000,000 Fixed Rate Medium Term Note (4.750% p.a.) due on the 1st February, 2012. The total coupon payment of EURO 35,625,000 is for the period 1st February, 2011 to 1st February, 2012.

The GBP 500,000,000 Fixed Rate Medium Term Note (6.000% p.a.) due on the 1st February, 2012. The total coupon payment of GBP 30,000,000 is for the period 1st February, 2011 to 1st February, 2012.

Background Information

Dubai Holding

Dubai Holding continues to make big strides in its successful strategy, aimed at creating an innovation driven knowledge-based economy. This is in line with Dubai’s long-term ambition to transform into the smartest and most productive city in the world.