Senaat, an Abu Dhabi-based industrial investment holding company which is part of ADQ, announced on Thursday the refinancing of a revolving three-year loan facility amounting to AED980.6 million (US$267 million).

The facility replaces a loan which matured in December 2019, and will be used to support Senaat’s general corporate requirements, the company said in a statement on Thursday.

The competitively priced facility was increased after its initial call for $200 million was heavily oversubscribed. The resulting facility is to be allocated among 12 local, regional and international lenders in proportion to their proposed subscriptions.

"We are pleased to see such a resounding vote of confidence from the regional and global financial community as indicated by the response received for Senaat’s debt refinancing. Senaat’s operating companies are strong and competitive industrial businesses that are the cornerstone of Abu Dhabi’s industrial sector and are contributing to the diversification of Abu Dhabi’s economy," Khalifa Sultan Al Suwaidi, Chairman of Senaat and Chief Investment Officer at ADQ, said.

BNP Paribas acted as sole coordinator and bookrunner on the financing.

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