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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

IPIC, which invests in the energy sector overseas on behalf of the Abu Dhabi government, took the two facilities in 2010.

“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)

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