Abu Dhabi’s Senaat General Holding Corporation has secured a $400m revolving credit facility from a group of local and international banks.

The company, which manages more than $7.3bn of industrial assets for the Abu Dhabi government, said it has signed an agreement with 11 financial institutions on the deal, split between three-year and five-year tranches.

The new funding is raised in in lieu of the existing $750m revolving credit facility, Seenat placed in 2013 to support its general corporate requirements, it said in a statement.

The corporate sector firms along with banks and GCC governments have been busy raising funds this year to improve their financing structures and bridge budget deficits in wake of a slump in oil prices. Sovereign wealth fund, Invetsment Corporation of Dubai (ICD), along with Majid al-Futtaim were the other two UAE-based firms that raised funds earlier this year. 

France’s BNP Paribas and local National Bank of Abu Dhabi (NBAD) were the joint coordinators on Senaat transaction, which, was arranged at pricing that is below the levels achieved in 2013, the firm said without giving the pricing details of either facility.

“Despite a positive response and a substantial oversubscription, Senaat has opted to keep the facility size at the same level given the strength of its current liquidity position,” it added.

Among the banks that participated in the deal included France’s Société Générale and BNP Paribas; local NBAD and Union National Bank; Japan’s Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank, Sumitomo Mitsui Banking Corporation; US’ Citigroup and JP Morgan, and the UK’s HSBC and Standard Chartered.