IPIC prepays $3.75bn in loan facilities

The Company has previously utilized the capital markets as one of the many means to enhance its maturity profile and its recent exercise included three unique tranches: a 5.5Yr 3.75% $1.5bn due in 2017, a 10.5YR 5.5% $1.5bn due in 2022, and a 30YR 6.875% $750m due in 2041.

Moody's, one of the rating agencies which rates IPIC, commented in their 31st of October 2011 Credit Opinion of Abu Dhabi that, "The issue signals a return to the market of many government owned issuers (GRIs) after weeks of market instability related to the European debt crisis. IPIC's third tranche has a 30-year maturity, while most GRIs in the region borrow on a shorter term. The extension of the local GRI yield curve reduces rollover risk for contingent liabilities of the government of Abu Dhabi."

Khadem Al Qubaisi, Managing Director of IPIC, commented: "Our issuance and subsequent prepayments of our facilities clearly demonstrate that IPIC is prudently managing its liabilities. When undertaking this exercise and engaging with our DCM and Loan Market investors, we sent a very clear message that IPIC was committed to fulfill its stated use of proceeds and embody best business practices through a recycling of capital and its subsequent maturity extension. Our actions reinforce Abu Dhabi's credit strength both from a current and a future, 30 year, perspective."

IPIC, established in 1984, is a wholly owned Government of Abu Dhabi company with a focus on investments in international energy and energy related industries. tasked with an ambitious mandate to invest in the energy sector across the globe. Today, IPIC's investment portfolio consists of stakes in 14 leading energy companies.