Abu Dhabi’s Mubadala Investment Company is arranging a $2 billion revolving credit facility to refinance a $1.75 billion revolving loan it put in place three years ago, reported Reuters.
The transaction is said to a rare loan deal in the Gulf debt markets, where borrowers are increasingly issuing bonds to diversify their funding base as well as to take advantage of favourable conditions across emerging markets, which has been the trend recently.
The credit facility could be increased in size to include International Petroleum Investment Company’s (IPIC) debt requirements.
Mubadala Investment Company was formed through the merger of Mubadala Development Company and the IPIC in 2016 and features four global business platforms including alternative investments and infrastructure, petroleum and petrochemicals as well as technology, manufacturing and mining, aerospace and renewables.
Source Islamic Business&Finance