* $2 bln 3-year loan refinancing to launch next week - exec
* Loan will determine relationship banks going forward
* One of eight debt facilities for Mubadala entities this
(Adds pipeline detail, background)
DUBAI, Jan 29 Abu Dhabi state investment fund
Mubadala expects to cut the cost of a $2 billion
refinancing it will unveil next week by promising banks that
take part a share of more lucrative work in future.
An existing loan taken out in 2010 will be replaced with a
three-year, multi-currency facility, Kelly Thomson, Mubadala's
head of structured finance, told a conference in Dubai on
Banks taking part will be regarded by Mubadala, which is
arranging the deal itself, as relationship lenders, Thomson
said, meaning they will be chosen for future work.
Given the potential future benefit, pricing on such
relationship deal is often lower than it might otherwise be.
Thomson said pricing on the new loan was "a bit vicious", to
Mubadala's advantage, adding banks will be able to contribute to
the facility in dollar, euros or pounds.
The new loan will be one of eight debt financings Mubadala
will look to close in 2013 for itself and subsidiaries, Thomson
said. Mubadala owns stakes in global companies such as General
Electric and private equity firm Carlyle.
The largest of these will be for the expansion of Emirates
Aluminium's smelter, expected to see around $4 billion raised
through a combination of bank loans, financing from export
credit agencies and a bond offering. Emal is a joint venture
between Mubadala and Dubai Aluminium.
Others include funding for the London Array, the world's
largest offshore wind farm, which is due to reach financial
close in the first quarter, and a loan for a joint venture to
develop a calcined petroleum coke production facility in
(Reporting by David French; Writing by Amran Abocar; Editing by