- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:27 06:41 12:35 15:52 18:22 19:36
Abu Dhabi Government-owned Mubadala Development Company is in talks with banks to refinance a $2 billion (Dh7.34bn) syndicated loan that matures in April, said banking sources close to the deal.
Mubadala offers comfort to lenders with its 100 per cent government ownership and will be able to call on its close relationship banking group to agree a new deal, the bankers said. "Mubadala is doing the rounds and looking for a refinancing plus a potential increase… it will be largely self-arranged with Mubadala dictating pricing," said one of the bankers.
Talks are centred around the issue of pricing, which will set a new benchmark for syndicated loans in the Gulf, another banker said.
The original deal was a $2bn, three-year club loan signed in April 2007 via 21 banks. It paid a margin of 17.5 basis points over Libor. Last week, Mubadala launched a joint venture with Occidental Petroleum and Bahrain's National Oil and Gas Authority.
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