Ipic has in the past relied on loans of about two to three years to fund its operations but has now sold five-, 10- and 30-year maturity bonds, in its second public debt sale this year. Extending the debt repayments should help the company to manage what Moody’s Investors Service estimates is a total of $9.9bn, maturing next year and the year after, analysts say.
“The debt maturity schedule is heavy, but this deal has helped that quite a bit,” says Abdul Kadir Hussain, chief executive of Mashreq Capital in Dubai. This week’s bond sale will allow Ipic to push back about 30 per cent of its debt maturing in the next five years, according to Mr Hussain.
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