Abu Dhabi’s Aabar signs Dh14.9bn refinancing loan

A sign advertising Aabar Properties project hangs on a fence around a construction site on Reem Island in Abu Dhabi Silvia Razgova / The National

Aabar Investments has signed a €3.6 billion (Dh14.9bn) loan with a syndicate of banks primarily to refinance debt, the Abu Dhabi-based diversified investment firm said.

“The five-year senior unsecured, non-guaranteed facility serves to refinance several of Aabar’s pre-existing facilities, and was arranged on tighter terms compared to previous facilities, reflecting the company’s improved credit profile and its strategic importance,” the company said.

“A further limited syndication of the facility is now in the process of being arranged.”

Aabar, which is part of Abu Dhabi-based IPIC group, did not mention the size of the maturing debt or the terms of the syndication.

The nine banks involved in the syndication are: Bank of America Merrill Lynch, BNP Paribas, HSBC, Intesa Sanpaolo, JP Morgan Chase, National Bank of Abu Dhabi, Natixis, Société Générale and Sumitomo Mitsui Banking Corporation.

“Locking in this long-term facility is important for Aabar as the company moves forward with its strategy of diversified investment in attractive global opportunities,” said Mohamed Al Mehairi, the chief executive of Aabar.

Aabar invests in a range of sectors, including real estate, financial services, energy, commodities and aerospace.​

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