The iconic island resort located in Dubai, UAE, Atlantis, The Palm, had announced the closing of a USD880 million syndicated loan. This is higher by USD30 million compared to the original goal of USD850 million. This was confirmed by banking sources in Dubai.

The loan was put together by seven local and international banks, namely, the Abu Dhabi Commercial Bank, Barclays, Commercial Bank of Dubai, Emirates NBD, HSBC, National Bank of Abu Dhabi and Union National Bank of Abu Dhabi.

The loan facility was previously reported by Thomsons Reuters, with the value pegged at 500 basis points above London Inter-Banking Offered Rate or LIBOR. The proceeds would be used to refinance a twelve year loan facility worth USD700 million finalized back in July 2005. That deal was pegged at 160 basis points over LIBOR and this was utilized to fund the construction of the luxury hotel resort and the theme park.

The luxury resort hotel was opened in 2008 and is a joint venture of Kerzner International Holdings and Istithmar, a UAE holdings company.