Two banks with knowledge of the deal considered it a hybrid between equity and debt, two people told Bloomberg News in December. One of the banks, which lends to EBX, treats it as a loan when gauging the credit quality of Batista’s group, said one of the two people at the time.
Mubadala extended a 7.35 billion-dirham ($2 billion) loan to an undisclosed third party secured by “listed securities and guarantees,” according to its first-half financial report last year. The deal carried a “minimum assured return,” matures in 2017 and could be extended by Mubadala for an additional two years, it said at the time.