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FINANCIAL NEWS
Dubai’s ENOC secures USD1.5b 9-year loan
20 Jun 2015
(MENAFN) Dubai’s Emirates National Oil Company (ENOC) has secured a USD1.5 billion nine-year loan from 21 banks to support its expansion plans, Arab News reported.
The funding was initially underwritten by Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreq, Noor Bank, Abu Dhabi Islamic Bank and Standard Chartered, it said in a statement.
Reuters reported in April that the loan was being marketed to banks after receiving commitments from the seven underwriting lenders to fully back the financing.
ENOC had an offer of 750 pence per share to buy out the remaining shares it doesn’t own in Dragon Oil agreed to by the company, valuing those shares at around USD2.68 billion.
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