IPIC refinances $677m Yen loan
Abu Dhabi, July 2, 2013
Abu Dhabi state-owned fund International Petroleum Investment Co has refinanced a 67.5 billion yen ($676.7 million) loan it used to purchase a stake in Japan's Cosmo Oil, two banking sources said on Tuesday.
The original loan was put in place in 2008 after the investment firm bought a 20.8 per cent holding in the Japanese oil company in September 2007.
The new loan, which was signed last month, has a five-year lifespan, the two sources said, speaking on condition of anonymity.
The two banks who funded the original loan - Bank of Tokyo Mitsubishi UFJ and National Bank of Abu Dhabi - were joined by Sumitomo Mitsui Financial Group in the new deal.
IPIC said in May it had two major debt maturities in 2013, the Yen loan maturing in June and a $2 billion (denominated in UAE dirhams) facility in September.
A $4 billion cash payment from the Abu Dhabi National Oil Co for building a crude pipeline in the Gulf Arab state would be used to help repay its upcoming liabilities, IPIC senior management said last month.-Reuters