Abu Dhabi's Mubadala plans $6 bln debt reorganisation | Reuters

Abu Dhabi's Mubadala plans $6 bln debt reorganisation | Reuters:

Abu Dhabi’s state investor International Petroleum Investment Company (IPIC) is to reorganise about $6 billion of debt following its merger with state investment fund Mubadala Development Company (MDC) last year.

IPIC has asked bondholders to agree to Mubadala Investment Company - the merged entity - becoming guarantor and MDC the issuer of over $6 billion of IPIC’s existing debt.

“The end result will be a more efficient single, rated entity within the group responsible for our capital market funding activities,” Mubadala said in a statement.