Abu Dhabi’s Aabar Said to Get $2.5 Billion Loan for RefinancingStephen Morris
Aabar Investments PJSC, a unit of Abu Dhabi’s International Petroleum Investment Co., signed a $2.5 billion loan with 12 banks to refinance a deal maturing next month, according to two people with knowledge of the matter.
The facility comprises three- and five-year term portions, each with slices denominated in dirhams, dollars and euros, said the people, who asked not to be identified because the terms are private. The financing was increased from $2 billion originally targeted after lenders offered more funds than were sought, the people said.
Arab Bank Plc., Bank of America Corp., BNP Paribas SA, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., Morgan Stanley, National Bank of Abu Dhabi PJSC, Royal Bank of Scotland Group Plc, Societe Generale SA, UniCredit SpA and Union National Bank PJSC participated in the facility, the people said.
The loan replaces a $2 billion loan obtained in 2010 that comprised a $1.4 billion term loan and a $600 million revolving credit facility, according to data compiled by Bloomberg. Both portions paid an interest margin of 150 basis points more than benchmark lending rates, the data show. A basis point is 0.01 percentage point.
Officials in Aabar’s press office didn’t immediately reply to an e-mail and telephone call seeking comment on the financing.