DUBAI/ABU DHABI: Abu Dhabi state-owned fund International Petroleum Investment Co has refinanced a 67.5 billion yen or $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 percent 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)
