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Abu Dhabi entities are making full use of cheaper interest rates and investor appetite to go in for debt financing. Image Credit: Shutterstock

Abu Dhabi: The Abu Dhabi based industrial investment company Senaat has refinanced a revolving three-year loan facility of Dh980.6 million. This facility replaces an earlier loan that matured in December last, and will be used to support the company's general corporate requirements.

Senaat is part of ADQ, the Abu Dhabi based holding company. The "competitively priced" facility was increased after its initial call for $200 million was heavily oversubscribed. The resulting facility is to be allocated among 12 local, regional and international lenders in proportion to their proposed subscriptions.

Khalifa Sultan Al Suwaidi, Chairman of Senaat and Chief Investment Officer at ADQ, said: “We are pleased to see such a resounding vote of confidence from the regional and global financial community as indicated by the response received for Senaat’s debt refinancing. Senaat’s operating companies are strong and competitive industrial businesses that are the cornerstone of Abu Dhabi’s industrial sector and are contributing to the diversification of Abu Dhabi’s economy.”

BNP Paribas acted as sole coordinator and bookrunner on the financing.