CORRECTED-UAE’s ADNOC to start syndicating $6 bln loan -sources:
"State-owned Abu Dhabi National Oil Co (ADNOC), which manages almost all of the proven oil reserves in the United Arab Emirates, is expected to start syndicating a $6 billion loan as early as this week, sources familiar with the matter said.
The loan, a credit facility with maturities of three and five years, is expected to offer an interest rate in the region of 50 basis points over London Interbank Offered Rates for the five-year tranche and 35 bps over Libor for the three-year tranche, said the sources.
The pricing of the loan has decreased from initial discussions because of significant interest received from banks, they said, speaking on condition of anonymity as the matter is not yet public."
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