IPIC agrees dual-currency loan

IPIC agrees dual-currency loan

Published: March 6, 2012

Abu Dhabi-owned firm secures $170mn and €505mn for refinancing.

Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC) has entered into a two-year dual currency loan of US$170mn and €505mn.

The new facility repaid US$600mn and AED917mn under the company’s dual currency facility arranged in February 2009.

The deal follows a busy year for IPIC, which was named best corporate borrower in EMEA in EMEA Finance’s Achievement Awards 2011.

The company raised just over US$8.1bn across two international issuances in March and October – both were oversubscribed and highly noteworthy within the regional capital markets. The March issuance included a €2.5bn (US$3.3bn) tranche, the largest euro-denominated bond from a regional issuer, while the October offering included 30-year notes, the first such issuance from an Abu Dhabi-owned borrower.