International Petroleum Investment Co. said it repaid $3.75 billion in borrowings before their 2013 maturities as the Abu Dhabi government-owned investor uses proceeds from a bond sale this year to retire short-term debt.
IPIC, as the company with an indirect holding in carmaker Daimler AG is known, paid on Nov. 21 two separate loan facilities taken out in 2010, according to a statement e-mailed today. The company last month sold three debt tranches for $3.75 billion with maturities of as long as 30 years.
“ IPIC is prudently managing its liabilities,” Managing Director Khadem Al-Qubaisi said in the statement. The company will continue its debt management policy through a “recycling of capital and its subsequent maturity extension,” he said.
Middle Eastern oil producers fund investment companies like IPIC to help diversify their revenue beyond income from oil sales. IPIC owns Spanish refiner Compania Espanola de Petroleos, is the second-largest holder behind the Austria government in oil and gas producer OMV AG and owns stakes in petrochemical producers. Its unit Aabar Investments PJSC holds stakes in non- oil related companies like Daimler.
No comments:
Post a Comment