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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




Tags: abu dhabi | Yen | loan | IPIC |

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