Dubai’s GEMS Education says it secured $1.25 billion loan [Reuters]
HSBC HOLDINGS (HSEA)
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Source: Reuters
Dubai’s GEMS Education says it secured $1.25 billion loan | Reuters Reuters Staff 2 Min Read DUBAI, Dec 4 (Reuters) - GEMS Education, an international private education provider based in Dubai, has secured a $1.25 billion loan to refinance existing borrowings and to support future growth, it said on Monday. The company, which is supported by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and private equity giant Blackstone, said in a statement it had drawn $900 million from the seven-year loan. Abu Dhabi Islamic Bank, Emirates NBD Capital, HSBC Bank Middle East, MashreqBank and Noor Bank were underwriters of the loan, which was backed by a larger group of regional and international investors, the firm said without giving details. The new loan includes a $250 million five-year revolving credit facility, GEMS said. Sources had told Reuters in October GEMS planned to raise the loan to streamline its corporate structure before making an initial public offering (IPO) o
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