Dubai Group Proposes Extending Debt for 12 Years, Reuters Says

April 12 (Bloomberg) -- Dubai Group LLC, an investment company owned by the emirate’s ruler, proposed to creditors that it extend its debt 12 years at an interest rate of 1 percent, Reuters reported, citing people it didn’t identify.

The company sent the proposal to lenders this week and will present it to banks April 16, focusing on $6 billion in bank debt the group wants to restructure, the news agency said. Dubai Group owes an additional $4 billion to other investors.

To contact the reporter on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net