Government-owned International Petroleum Investment Company (Ipic) has announced the successful completion of its $5 billion (Dh18.36bn) fund-raising exercise.
The Bank of Tokyo-Mitsubishi, HSBC Bank Middle East and Banco Santander have appointed as co-ordinators to jointly arrange syndicated term loan facilities to support financing requirements.
Ipic is engaged with 16 Initial Mandated Lead Arrangers (Imla) to support the transaction with take and hold commitments of $400 million each. The resulting total commitment of $6.4bn was scaled back by Ipic to $5bn, to ensure consistency with Ipic's objectives.
Ipic's Managing Director, Khadem Al Qubaisi, said it was gratifying to see this level of response from the Imlas.
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