Abu Dhabi's International Petroleum Investment Company (IPIC) has signed an $850 million, three-year syndicated loan with mandated lead arrangers Barcap, BNP Paribas, Bank of America Merrill Lynch, DBS and Standard Chartered, bankers said.
The refinancing carries all-in pricing of approximately 100 basis points (bps), which deterred some lenders from supporting the deal. However, the sovereign fund's high profile and strong relationships with international lenders meant it was able to attract the support it needed.
The dual-currency option also helped lenders facing rising dollar costs, with the final split at $170m and 505m euros ($667m), the bankers said.
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