Aabar Investments' Banks Start Syndicating $2 Billion Loan, Reuters Says - Bloomberg

Aabar Investments PJSC, the Abu Dhabi company that is the largest shareholder in Daimler AG, began syndicating a $2 billion loan, Reuters reported, citing bankers close to the deal.

Deutsche Bank AG, Morgan Stanley, National Bank of Abu Dhabi and Royal Bank of Scotland Group Plc are arranging the financing, according to the report. The four banks, along with Credit Suisse Group AG and Union National Bank, have partially prefunded the deal, Reuters said.

The three-year financing includes a $1.4 billion term loan and a $600 million revolving credit, both of which pay interest at 150 basis points more than the London interbank offered rate, according to the report. Money in a revolving credit can be borrowed again once it’s been repaid; in a term loan it can’t.

A spokeswoman for Aabar Investments wasn’t available to comment outside normal business hours.