Abu Dhabi’s IPIC repays $3.75B debt due 2013
International Petroleum Investment Co. (IPIC) has repaid $3.75 billion in debt ahead of its 2013 maturity as part of its liquidity management strategy, the Abu Dhabi investment vehicle said on Wednesday.
November 23, 2011 10:20 by Reuters
“Our issuance and subsequent prepayments of our facilities clearly demonstrate that IPIC is prudently managing its liabilities,” Khadem al-Qubaisi, IPIC’s managing director, said in a statement.
State-owned IPIC, which has stakes in Spain’s Cepsa and Austrian oil group OMV, priced a bumper $3.75 billion three-tranche deal in October which it said would be used to refinance debt. (Reporting by Stanley Carvalho; Writing by Amran Abocar)