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Abu Dhabi wealth fund gets $5bn syndicate loan
The loan has been arranged by…
August 2, 2009 4:51 by Aarti Nagraj
Mitsubishi Financial Group has arranged a $5 billion syndicated loan for Abu Dhabi-based sovereign wealth fund, International Petroleum Investment Co. (IPIC), reports Bloomberg, quoting Tokyo-based Nikkei newspaper.
According to the paper, the syndicate consists of Mitsubishi UFJ’s main banking unit and 15 other lenders including Santander of Spain, HSBC Holdings Plc of the UK and Sumitomo Mitsui Banking Corp.
IPIC will possibly use the one-year loan to acquire Canada-based Nova Chemicals and a stake in CEPSA, Spain’s second-biggest oil company, the paper said.