Abu Dhabi’s Mubadala Development Company is aiming to complete the refinancing of its $2bn revolving credit facility in April, according to Kelly Thomson, the head of structured finance at the firm.

“Our target is to have the revolver done in April, although the current revolver does not mature until the end of May, so we have some leeway,” she says.

The loan is used as a way of formalising Mubadala’s key relationship banking group and currently consists of 21 lenders. Banks were first approached about the refinancing in early February.

Mubadala is targeting a significantly lower pricing on the new deal compared with the existing one, which was put in place in 2010 priced at 75 basis points above the London interbank offered rate (Libor).