Abu Dhabi’s industrial holding company Senaat has refinanced a three-year $267 million (Dh980.6m) loan to support its corporate funding needs, the state-owned company said on Thursday. The size of the competitively-priced credit facility was increased after its initial call for $200m was heavily oversubscribed, the company said without giving the pricing details. BNP Paribas acted as sole coordinator and bookrunner on the deal. The new facility, which replaced a loan that matured in December 2019, will be allocated among 12 local, regional and international lenders in proportion to their proposed subscriptions, Senaat – a part of the Abu Dhabi's holding firm ADQ – said. “We are pleased to see such a resounding vote of confidence from the regional and global financial community as indicated by the response received for Senaat’s debt refinancing,” Khalifa Sultan Al Suwaidi, chairman of Senaat and chief investment officer at ADQ, said. “Senaat’s operating companies are strong and competitive industrial businesses that are the cornerstone of Abu Dhabi’s industrial sector and are contributing to the diversification of Abu Dhabi’s economy.” Corporate borrowers, financial institutions, government-related entities and sovereigns from the region are looking to shore up their finances in the midst of historic low interest rate globally. Senaat manages more than Dh27.2 billion of industrial assets in key industrial sectors – metals, oil and gas services, construction and building materials and food and beverages manufacturing. In March, ADQ assumed the ownership of Senaat. ADQ's portfolio of assets includes several large industrial and manufacturing companies in non-oil sectors such as transportation, metals and power, including Abu Dhabi Ports, Etihad Rail, Emirates Steel and Taqa. It also holds stakes in media businesses Abu Dhabi Media and TwoFour 54, insurer Daman, health services provider Seha and the Abu Dhabi National Exhibitions Company. Earlier this month, ADQ announced a partnership with the Abu Dhabi Investment Office to develop the emirate's start-up ecosystem and attract further investments into its digital economy.