Construction cranes stand above the Guggenheim and Louvre museums building sites in Abu Dhabi (file). Tourism Development & Investment Co , the state-owned developer of the Louvre and Guggenheim museums in Abu Dhabi , raised a $500mn loan to pay existing debt, according to three bankers with knowledge of the deal. The five-year facility was obtained from a group of seven banks and pays 1.5 percentage points including fees more than the London Interbank Offered Rate, said the bankers, asking not to be identified because the information is private. The money will help pay a three-year $600mn loan that carries a margin of 1.35 percentage points above Libor , the bankers said. TDIC cannot comment on the loan, the company said in an e-mailed response to questions from Bloomberg News . TDIC is one of four Abu Dhabi -owned companies whose debt carries a sovereign guarantee, according to a banker. Abu Dhabi , the richest and biggest of seven states that make up the UAE , holds about 6% of global oil reserves.
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