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05-06-14

UAE's Aldar repays USD1.25b bond

(MENAFN) UAE-based Aldar Properties said it has repaid a USD1.25 billion bond matured at the end of May 2014 as the company plans mega developing plans and to reduce its cost of borrowing, according to Gulf News. The repaid bond carried an annual interest cost of 10.75 percent and was repaid in May 2014 in cash. Aldar Properties has reduced its gross debt to USD2.749 billion compared to USD3.865 billion and following the repayment of the bond continues to maintain a strong cash position of USD1.034 billion of cash as of 31 May 2014.