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Abu Dhabi-owned IPIC plans $2.5 billion loan

Proceeds from the three-year term loan will be used to pay part of a $5 billion loan, reports Reuters.


March 2, 2010 4:29 by

Abu Dhabi -based International Petroleum Investment Company (IPIC) has launched a $2.5 billion loan to help refinance existing debt, sources close to the deal told Reuters on Tuesday. Proceeds from the three-year term loan will be used to pay part of a $5 billion loan launched by IPIC in June 2009, said the report.

The deal is being arranged by Bank of Tokyo-Mitsubishi UFJ, HSBC, National Bank of Abu Dhabi and Santander, the sources said, adding that lenders can commit in dirhams or dollars. The loan’s syndication is expected to close on March 15, the report added.


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