Du repays AED3bn loan facility

United Arab Emirates-based telecoms operator Du has announced the full repayment of its three-year AED3 billion (USD817 million) syndicated loan facility, as part of its ongoing capital optimisation programme. The loan, which was due for repayment on 30 June 2011, has been repaid to the syndicate of 16 banks, using a combination of existing financing facilities and cash. Last month Du revealed it had secured a USD220 million three-year refinancing facility which would partly be used to pay off the maturing loan, while the rest would be invested in the expansion and improvement of its services in the UAE. Commenting on the repayment, Osman Sultan, CEO of Du said: ‘We are pleased to be in a such a strong position to repay this facility using the most efficient resources available to our company; we continue to strengthen our financial and operating position through this well-defined financing and executed strategy.’ The AED3 billion loan facility – arranged in 2008 – has enabled Du to roll out network infrastructure at a faster rate and has put in place the increased capability and capacity required to deliver services to more customers across the UAE.