Aabar Investments Refinancing $2.5 Billion Loan

aabar_logoReuters reports that Virgin Galactic partner Aabar Investments is trying to borrow $2.5 billion to refinance a loan that is due in April.

Aabar has a chequered past, having borrowed aggressively to build up its holdings around the turn of the decade but then suffering heavy losses as investments turned sour. For example, IPIC’s 2011 net profit was all but wiped out due to losses worth $3.42 billion by Aabar’s holdings in German carmaker Daimler and UniCredit.

It has since kept a lower profile as it seeks to repair its reputation within Abu Dhabi and manage its existing commitments….

The 2013 loan was split between tranches lasting three and five years, which were each denominated in dollars, UAE dirhams and euros. Among the banks to have backed the loan were Bank of America-Merrill Lynch, HSBC, JP Morgan and National Bank of Abu Dhabi, according to Thomson Reuters data.

Read the full story.