Business
Dar Global secures growth capital
Dar Global secures growth capital.
About this update from Dar Global Plc
[{"type":"text","content":"\n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART OF THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.\n \n \n \n24 July 2024\n \nDAR GLOBAL PLC\n \n('Dar Global', or the 'Company', or the 'Group')\n \nDAR GLOBAL SECURES ADDITIONAL GROWTH CAPITAL OF UP TO USD 275 MILLION TO PROPEL NEW PROJECTS \n \n \nDar Global, the luxury international real estate developer, is pleased to announce that the Company and Dar Alarkan Global Investment L.L.C. (a related party and the \"Majority Shareholder\"), have secured a loan facility of up to USD 275 million (the \"Facility\"), from Emirates NBD and other consortium partners.\n \nThe proceeds of the Facility will, in turn, be extended to the Company from the Majority Shareholder in the form of a secured loan (the \"Loan\"), it will have a tenor of up to 42 months and is priced at a competitive fixed margin over the Emirates Interbank Offered Rate (\"EIBOR\"). The security for the Facility and the Loan to be provided to the Company include: a subordinated charge on the assets acquired utilising proceeds from the Facility and the assignment of cash flows from UAE-based assets of the Company. It is further supported by the Majority Shareholder through a corporate guarantee and the collateralisation of its investment in the Company. The Facility will be repaid through cash flows generated by the Company (including assigned cash flows).\n \nThe Company's board plans to use the proceeds across several countries specifically targeted as part of its strategic growth plan. This Facility is in addition to the other existing facilities available to the Group.\n \nThe Facility demonstrates the Company's ability to successfully access the bank debt market and ensures continued growth to enhance shareholder returns.\n \nZiad El Chaar, CEO of Dar Global, commented:\n \n\"This capital demonstrates the strong support we have from our parent company. It will allow us to take advantage of additional growth opportunities as we actively pursue a number of projects in our target markets, including the UAE, UK, United States and Saudi Arabia. We continue to see sustained demand for ou...