Saturday, 25 April 2009

Abu Dhabi's Ipic raising new loan of up to $5b

Abu Dhabi government-owned International Petroleum Investment Company (Ipic) is raising a new loan of up to $5 billion, banking sources close to the deal said on Thursday.

The loan, which will be co-ordinated by Bank of Tokyo-Mitsubishi UFJ, HSBC and Santander, will be used to finance IPIC's recent acquisitions, a banker close to the deal said.

"The loan does not finance a specific acquisition, it finances IPIC's recent acquisition spree," he added.

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