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Tue 23 Feb 2016 04:57 PM

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UAE's Senaat says unit raises $185m loan

Loan will finance the manufacturing and sale of steel pipes for the oil and gas sector by Al Gharbia Pipe Co

UAE's Senaat says unit raises $185m loan
(Photo for illustrative purposes only)

A unit of Abu Dhabi's Senaat has secured a $185 million loan from a consortium of Japanese and UAE banks, the industrial conglomerate said on Tuesday.

The loan will finance the manufacturing and sale of steel pipes for the oil and gas sector by Al Gharbia Pipe Company, which is 51-percent owned by Senaat, it said in a statement.

Japan Bank for International Cooperation provided $111 million of the loan, with Sumitomo Mitsui Banking Corporation, Mizuho Bank and National Bank of Abu Dhabi lending the remainder.

Senaat did not disclose the loan's pricing, but said it represented one of the lowest financing costs it had ever achieved.

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