The Abu Dhabi Polymers Company (Borouge) has obtained a $4 billion syndicated loan from a consortium of local and international banks as the company prepares for an initial public offering in the capital market, Abu Dhabi. .
Sources told Al Arabiya.net that the loan obtained by the company is for 5 years and will be used in the capital expenditure of the company, which recently announced a package of expansions and a plan for the initial offering in the capital market. in the capital.
She added that the loan was arranged by a coalition of 25 international and local banks, led by First Abu Dhabi Bank and Abu Dhabi Commercial Bank, in addition to other international banks such as Goldman Sachs and Citi. Group, BNP Paribas and Deutsche Bank.
The syndicated loan was split into two tranches with pricing about 90 basis points above the reference rate, LIBOR.
The financing obtained by the company coincides with a plan to offer a minority stake in the capital market.
Borouge, which is headquartered in the UAE and Singapore, was established in 1998 as a joint venture between the Abu Dhabi National Oil Company, ADNOC, with a 60% stake, and the Austrian company, Borealis, with a 40% stake.< /p>
