Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) is expected to sign a $6 billion loan by the end of this week, as reported by Reuters on Sunday.
ADNOC has received commitments from a group of 13 banks, with around $750 million from each, sources close to the situation told the news agency, noting that commitments will be scaled down to reach the targeted size.
The $6 billion loan includes three-year and five-year tranches, with an interest rate in the region of 50 basis points over London Interbank Offered Rates for the five-year tranche and 35 bps over Libor for the three-year tranche.
The group of banks includes Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, First Abu Dhabi Bank, Goldman Sachs, HSBC, JP Morgan, Mizuho, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, and UniCredit.
Meanwhile, ADNOC is preparing an initial public offer (IPO) of around 10% of its fuel retail business by December of early 2018, which could raise up to $2 billion.
