Abu Dhabi’s Mubadala Development Company is seeking to refinance a $2bn syndicated loan in the first half of 2016, according to Reuters.

It is in discussions with banks but has not decided the tenor of the medium-term loan.

Mubadala signed a $2bn, three-year revolving credit facility in April 2013. There were 19 international banks that participated at very low margins, in the expectation that they would have privileged relationships for Mubadala’s other finance deals. MEED reported in 2013 that the company targeted just 45 basis points above the London interbank offer rate.

This refinanced a $2.5bn facility from 2010, originally extended in 2007.

Mubadala will find it difficult to secure such low margins in the current environment, with liquidity tightening in the GCC.