Wednesday, December 20, 2017

Limitless makes $112.3m early debt payment

Dubai-based real estate developer Limitless will close out 2017 with an early payment of Dh412.4 million ($112.3 million) to banks and trade creditors tomorrow (December 21).

The payment – a week ahead of the due date – comprises Dh297.1 million to banks and Dh115.3 million to trade creditors.

Once made, Limitless will have repaid almost half of its outstanding bank debt and trade creditor obligations, said a statement from Limitless.

Thursday’s transactions will bring Limitless’ bank repayments to Dh2.2 billion (49.4 per cent of the total due), with Dh278.7 million paid to trade creditors (48.3 per cent of the total settlement due).

In May last year, Limitless had cleared Dh1.9 billion of bank debt with an immediate payment following the conclusion of its restructuring agreement with lenders, it stated.

Limitless Chairman Ali Rashid Lootah said: "Limitless continues to meet its obligations and commitments to investors. We thank the Government of Dubai and our lenders, trade creditors and investors for their continued trust and support."

The payment, six months ahead of time, covered the first installment and 80 per cent of the second, said the statement from Limitless.

The company also paid Dh163 million to trade creditors at the time. The final repayments are due in December 2018, it added.-TradeArabia News Service

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