TAQA Secures US$ 3.0 Billion Revolving Credit Facility

Published December 21st, 2010 - 07:05 GMT
TAQA
TAQA

The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has secured a US$ 3.0 billion revolving credit facility. The facility will be used for general corporate purposes and will replace its existing US$ 3.15 billion revolving credit facility, signed in August 2008.

Commenting on the news, Doug Fraser, Chief Financial Officer of TAQA, said:" We saw a high level of interest in the syndication of the revolving credit facility from banks around the world resulting in the facility being oversubscribed. The strong interest has allowed us to keep pricing tight and maintain flexibility. All in all, this is a highly successful refinancing process which allows us to extend the bank facility for another three to five years at very attractive pricing."


The US$ 3.0 billion facility from 20 banks comprises US$ 2.0 billion in a three year revolving credit tranche and US$ 1.0 billion in a five year revolving tranche.
The bookrunners of the facility were The Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), BNP Paribas, Citi, HSBC, The Royal Bank of Scotland PLC and Standard Chartered Bank. Initial Mandated Lead Arrangers were Bank of America Merrill Lynch and Sumitomo Mitsui Banking Corporation. The remaining banks in the syndication were: DnB NOR Bank, Intesa Sanpaolo, Natixis, Société Générale, WestLB, Nomura, Europe Arab Bank, Maybank, Bank of Taiwan, Chang Hwa Bank and Commercial Bank (Taipei), Taiwan Co-op Bank and United Taiwan Bank. BTMU have also acted as Coordinator and Facility Agent. 


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like