Aabar Investments, an Abu Dhabi government-owned fund, is close to securing €4bn ($4.4bn) to refinance existing debts.

The five-year loan will replace several existing borrowings, including a $2.5bn facility that is due to mature in April, according to UK news agency Reuters, which cited three sources aware of the matter.

Aabar may get a pricing of about 180 basis points over benchmark rates, according to one of the sources, with the other two sources saying the borrowing rate was below 200 basis points.

Aabar is the largest shareholder in Dubai-based construction giant Arabtec. It also holds stakes in companies including Italy’s UniCredit and the US’ Virgin Galactic.

The new loan is being supported by its parent company, International Petroleum Investment Company (Ipic). The $2.5bn facility, which the new financing will replace, was partly denominated in euros, as well as dollars and UAE dirhams. Among the banks to have backed that loan were the US’ Bank of America Merrill Lynch and JP Morgan, the UK’s HSBC, and National Bank of Abu Dhabi, according to Reuters.