Scoop on Borse Dubai financing

Reuters Loan Pricing Corp delivered a scoop on Feb. 17 that Borse Dubai had secured financing to repay $3.4 bln in debt and avoid default — a major story for the region. Reuters customers also were alone in learning that some $2.3 bln came from shareholder Investment Corp of Dubai, showing that internaional banks only stumped up a third of the financing and Borse Dubai needed a rescue. The story illustrated that while Borse Dubai had managed to negotiate a refinancing, western banks have withdrawn in numbers from committing funds to Dubai. The story was picked up by competitors and remained unmatched by Bloomberg and Dow Jones for several days.