Last week Dubai World repaid the outstanding balance on a USD1.2 billion loan facility arranged and underwritten jointly by Royal Bank of Scotland, Credit Suisse and Deutsche Bank.
While refinancing had been offered, Dubai World determined the cost of capital was not competitive and instead elected to repay the outstanding amount under the loan of USD890 million from its operating reserves on December 11, 2008. The loan facility was established one year earlier to help finance the purchase of a 9.4 percent stake in MGM Mirage by Infinity World, a subsidiary of Dubai World.
