Abu Dhabi-owned International Petroleum Investment Co (IPIC) has launched a $1.5 billion bridge financing facility through RBS (RBS.L), JP Morgan (JPM.N) and Goldman Sachs (GS.N), two sources said on Wednesday.
The 18-month facility will initially carry a margin of 50 basis points over Libor, the two sources, both familiar with the matter, said, but will step up after 12 months, one of them added, declining to say what the new margin would be.
It is understood that a wider group of banks have been invited to participate in the deal, but one banking source said the margin was too tight to be attractive for the bank.
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