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Fri 2 Jul 2010 02:52 PM

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Abu Dhabi's Aabar launches $2bn loan - bankers

Lenders are invited to commit $150 million for an upfront fee of 125 bps.

Abu Dhabi's Aabar launches $2bn loan - bankers
(Getty Images)

Abu Dhabi investment vehicle Aabar Investments has launched syndication of a $2 billion loan that will mature on May 21, 2013, bankers close to the deal said.

Bookrunners are Deutsche Bank, Morgan Stanley, National Bank of Abu Dhabi and Royal Bank of Scotland. They were joined by Credit Suisse and Union National Bank ahead of the launch and together they have partially prefunded to the tune of $1.4 billion, the bankers added.

The deal is split between a $1.4bn term loan and a $600 million revolving facility, and the margin is 150 basis points (bps) over LIBOR, the bankers said.

Lenders are invited to commit $150 million for an upfront fee of 125 bps, they added.

The Abu Dhabi government investment vehicle International Petroleum Investment Corporation (IPIC) holds a majority stake in Aabar, one of the most active investment funds in the region.

The firm hit the headlines last year by picking up a 9.1 percent stake in Daimler for about $2.7 billion and a 32 percent stake worth $280 million in Virgin Group's space travel unit Galactic.

Aabar surprised investors last month when it announced it was considering delisting from the Abu-Dhabi bourse and converting to a private joint stock company. (Reuters)

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