Dubai firm Emaar to roll over $1.2 b debt

The loans maturing in the next one year are mainly bridge loans for the entity’s international projects, according to Dubai-based daily Emirates Business 24/7.

Short-term debt

The publication said that Dubai-based Emaar would seek to convert the short-term loans to the tune of 4.5 billion dirhams, maturing in 2010, into long-term project financing in the next year.

“Emaar’s debt position is very comfortable and the company has one of the lowest debt-to-equity ratios.

“The loans maturing in the next one year are primarily bridge loans for Emaar’s international projects, which will be converted into longer term project financing in the next one year,” an Emaar spokesperson was quoted as saying.

However, details of the project financing or whether it would have any equity component, were not disclosed.

“Out of the 8.625 billion dirhams interest bearing loans and borrowings as of December 2009, more than half of this, at 4.5 billion dirhams, is maturing within 12 months (from December 31, 2009), the remaining being 4.125 billion dirhams,” the publication said.

In India, Emaar has a joint venture with MGF Development. The JV — Emaar MGF Land — has filed for an initial public offering.

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