IPIC considers bond sale

14 Apr 2011

(MENAFN) Abu Dhabi’s International Petroleum Co. (IPIC) said that after investors meeting in three European cities last February, the company may sell bonds in Euros and Pounds, reported Arabian Business.

IPIC added that it raised two debut offerings. The first of USD1 billion for 5 years, with 3.125 percent bonds that were priced to yield 195 basis points. The second, of USD1.5 billion for ten years with 5 percent coupon notes were priced to yield 245 bases points.

It also said that IPIC would pay USD5.37 billion for its share in Spain’s second largest oil company, Cia Espanola de Petroleos, which is estimated at 48.8 percent.

It is worth noting that IPIC’s bonds are rated Aa3 according to Moody’s Investors Service, giving it Moody’s fourth highest investment grade.

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