Abu Dhabi’s IPIC seeks $1B loan to secure stake in Oil Search Ltd.

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) is looking to secure a $1 billion, three-year loan to back its purchase of a 17.6 percent stake in Oil Search Ltd, banking sources close to the deal said.Deutsche Bank is leading the club loan and banks are being invited to commit $150 million to join as bookrunners and mandated lead arrangers. The margin is around 300 basis points over LIBOR, one of the bankers said.

IPIC last November paid A$1.68 billion ($1.1 billion) for Oil Search, which operates all of the oil and gas producing fields in Papua New Guinea and has a 34 percent interest in the PNG LNG Project.

IPIC’s last loan was a 825 million euro, six-month bridge loan that it signed in May 2008.

IPIC invests in oil-related projects for the government of Abu Dhabi, capital of the United Arab Emirates, which is the world’s fifth-largest oil exporter.



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