• Home
• /
• Corporate

Aabar Investments signs Dh14.9 billion refinancing loan

The five-year senior unsecured, non-guaranteed facility serves to refinance several of the diversified investment firm's pre-existing facilities.

Abu Dhabi: Aabar Investments has signed a ?3.6 billion (Dh14.9 billion) loan facility with a lead syndicate of nine global banks.
The five-year senior unsecured, non-guaranteed facility serves to refinance several of the diversified investment firm's pre-existing facilities and was arranged on tighter terms compared to previous facilities, reflecting the company's improved credit profile.
"This transaction is a strong commitment by the global financial community based on confidence in our business model," said Suhail Al Mazroui, chairman of Aabar Investments and managing director of International Petroleum Investment Company (IPIC).
"We are partnering with nine of the world's leading financial institutions based on long-term, mutually beneficial relationships."
Bank of America Merrill Lynch, BNP Paribas, HSBC, Intesa Sanpaolo, JPMorgan Chase, National Bank of Abu Dhabi, as documentation bank and facility agent, Natixis, Societe Generale and Sumitomo Mitsui Banking Corporation are leading the facility as mandated lead arrangers and book runners.
A further limited syndication of the facility is now in the process of being arranged.
"The improved conditions achieved by Aabar in this credit facility are a reflection of the market's confidence in our operations and strategy, which is also an endorsement to the support and confidence in our shareholder," said Mohamed Al Mehairi, chief executive officer of Aabar Investments.
Optimal structure
"Locking in this long-term facility is important for Aabar as the company moves forward with its strategy of diversified investment in attractive global opportunities. The transaction was led by the finance teams of IPIC and Aabar, who had created an optimal structure to tap available liquidity in the global banking system."
Aabar, which is part of the IPIC Group, invests globally in various sectors, including real estate, financial services, energy, commodities and aerospace.
- haseeb@khaleejtimes.com