Business | Oil & Gas
Ipic secures $2.5b loan to refinance existing debt
Loan intended to refinance debt that matures in June
- Dow Jones
- Published: 00:00 March 4, 2010
London: Abu Dhabi's state fund, International Petroleum Investment Co., or Ipic, has agreed a $2.5 billion (Dh9.18 billion) loan with banks to refinance existing debt, people familiar with the situation said Wednesday.
The three-year term loan was launched into syndication earlier this week and is priced at 150 basis points over Libor, one of the people said. There is a sliding scale of commitment fees starting at 150 basis points for commitments of $200 million, the person added.
Lead arrangers on the financing are Bank of Tok-yo Mitsubishi UFJ, HSBC Holdings PLC, Banco Santander SA and National Bank of Abu Dhabi PJSC, the people said.
The loan is intended to refinance debt that matures in June, a second person said.
Ipic was unavailable for comment.
Ipic was formed by the Abu Dhabi Government in 1984 to invest in the hydrocarbons industries across the globe. Its current investment portfolio is estimated to be worth more than $14 billion and includes major stakes in 14 leading hydrocarbons companies worldwide, according to its website.
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