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Mon 20 Mar 2017 12:03 PM

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Abu Dhabi's Senaat agrees to $400 million revolving credit facility

The new facility, provided by 11 financial institutions, is priced below the 2013 loan

Abu Dhabi's Senaat agrees to $400 million revolving credit facility
(Photo for illustrative purposes only)

Abu Dhabi's Senaat, a state-owned investor in the emirate's industrial sector, has obtained a dual-tranche revolving credit facility of $400 million, it said on Monday.

The three- and five-year loan will replace an existing $750 million revolving facility raised in 2013 and will back Senaat's general corporate requirements.

The new facility, provided by 11 financial institutions, is priced below the 2013 loan, Senaat said without providing further detail.

BNP Paribas and National Bank of Abu Dhabi are the joint loan coordinators.

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