IPIC signs $5 bln syndicated loan -banker

Abu Dhabi government-owned International Petroleum Investment Co (IPIC) has signed a $5 billion syndicated loan, increased from a launch amount of $3.5 billion, banking sources close to the deal said on Monday.

Co-ordinating bookrunners Bank of Tokyo-Mitsubishi UFJ, HSBC and Santander invited banks to join the deal with commitments of $400 million and despite the increased final amount, lenders have been scaled back by around 30 percent, the sources said.

The loan, which will be used to finance IPIC's recent acquisitions, as well as for general corporate purposes, was launched in May.