Gulf News reported that Abu Dhabi based International Petroleum Investment Company has repaid two loans amounting to AED 13.7 billion well in advance of their respective 2013 maturities. The loans which were taken in 2010 were prepaid on November 21st 2011.

Mr Khadem Al Qubaisi MD of Ipic said that "Our issuance and subsequent prepayments of our facilities clearly demonstrate that Ipic is prudently managing its liabilities.”

Mr Marwan Shurrab VP at Dubai based Gulfmena Investments said that it looks to be more of a strategic issue that gives them the ability to further tap into the debt market if they require.

Ipic recently issued USD 3.75 billion in notes from the Debt Capital Markets which it said it would use to refinance debt. The company has previously utilized the capital markets as one of the many means to enhance its maturity profile and its recent exercise included 3 unique tranches: 5.5 year, 3.75%, USD 1.5 billion due in 2017, 10.5 year, 5.5%, USD 1.5 billion due in 2022 and 30 year 6.875%, USD 750 million due in 2041.

(Sourced from Gulf News)