Abu Dhabi's TDIC seeks new loan facility

By Marc Castro

Oct 13, 2013 06:30 AM EDT

Discussions for a USD1 billion loan to replace an existing credit facility was reported by Bloomberg to be in the works for the Tourism and Development Company of Abu Dhabi. This wa confirmed by two banks familiar with the matter, as lenders have been sought out to submit pricing proposals for a deal to replace a USD600 million due to become mature by December 2013.

The firm is currently developing counterparts for the Louvre and Guggenheim museums in the UAE capital, seeks to pay less than 1.35 percentage points over LIbOR, the interest it pays on its current loan. 

Back in January 2012, TDIC had announced that Abu Dhabi Guggenheim is set to be completed by 2017. It comes one year after Foster's Zayed National Museum and two years after Nouvel's Louvre Abu Dhabi opened.

Frank Gehry, the architect who designed the Guggenheim, spoke at an event in Abu Dhabi last year said he hoped to see the Abu Dhabi version completed in his lifetime. He said, "I'm worried about if they are going to finish on time, so I can see it."

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