A pair ofDubai-based lenders are in talks to refinance existing debt by taking out newloans of as much as $1.7 billion, "sources close to the matter" toldReuters.

is indiscussion with banks about a three-year loan of up to $1.2 billion as it aimsto refinance an $800 million facility that matures in December, the sourcessaid. The previous loan was priced at 140 basis points over LIBOR, the newswireadded in the May 11 report.

,meanwhile, could expand a $450 million facility that also matures in December,with the sources saying it is eyeing a three-year facility of up to $500million. The previous loan was priced at 125 basis points over LIBOR, Reuterssaid.

One sourcesaid Emirates NBD and Commercial Bank of Dubai are looking to finalize theloans ahead of a potential U.S. Federal Reserve rate hike later in 2016.