IPIC borrows US$5 bln for acquisition of Nova and increase stake in Cepsa

06-Jul-09
The investment arm of the Abu Dhabi government - International Petroleum Investment Company (IPIC), has borrowed a US$5 bln syndicated loan to aid in payment for the acquisition of Nova-Canada’s largest chemical maker and to increase stake in Spain’s Compañia Española de Petroleos (Cepsa). Part of the funds will help refinance an existing €975 million (US$1.38 bln) bridge loan due this month. IPIC has, in earlier deals, agreed to buy Nova Chemicals for US$499 million in cash and to pay US$4.4 bln to increase its stake by 32.5% in Cepsa from the current 9.5%.
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