Home Industry Energy IPIC Signs $850mn Loan Abu Dhabi’s International Petroleum Investment Company is refinancing the $850 million, three-year loan it signed in February 2009. by Reuters March 4, 2012 Abu Dhabi’s International Petroleum Investment Company 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 liquidity-strapped lenders from supporting the deal, bankers said. However, the sovereign fund’s high profile and strong relationships with international lenders meant it was able to attract the support it needed, they added. IPIC was not immediately available to comment. The dual-currency option also helped lenders facing rising dollar costs, with the final split at $170 million and 505 million euros ($667 million), the bankers said. IPIC is refinancing the $850 million, three-year loan it signed in February 2009, which was used to fund the purchase of a 17.6 percent stake in Oil Search Ltd, an oil and gas firm with interests in Papua New Guinea. The loan, one of the first to be completed in the region after the collapse of Lehman Brothers, paid 300 bps. IPIC is rated AA by Standard and Poor’s and Aa3 by Moody’s. Tags World 0 Comments Share Tweet Share Share You might also like Global downturn risks becoming prolonged recession – WEF How should regional businesses effectively navigate their workforce through the Covid-19 pandemic Warmest oceans on record add to hurricanes, wildfires risks Is coronavirus the newest threat to cybersecurity in the GCC?