Abu Dhabi-listed TAQA secures $3.5bn revolving credit facility
ADX-listed firm to use the facility for general corporate purposes replacing its existing $3.1bn similar facility signed in August 2015
Abu Dhabi Securities Exchange-listed (ADX) Abu Dhabi National Energy Company (TAQA) has secured a $3.5bn (AED12.9bn) a five-year multicurrency revolving credit facility from a consortium of 13 banks.
In a stock market filing the company said that it will use the facility for general corporate purposes and will replace its existing $3.1bn (AED11.4bn) revolving credit facility that was signed in August 2015, the Emirates News Agency reported.
Commenting on the financial facility deal, chief financial officer of TAQA, Mohammed Al Ahbabi, said: "TAQA’s funding exercises continue to be met with strong levels of interest from investors and lenders alike. Our fifth such facility to date, this has allowed us to keep pricing tight and fund at favourable terms for another five years."
The bookrunners, initial mandated lead arrangers, and global coordinators of the facility were First Abu Dhabi Bank (FAB); Sumitomo Mitsui Banking Corporation and Mizuho Bank, with FAB having also acted as the documentation bank as well as facility agent.
The remaining banks in the syndication included Mashreqbank; BNP Paribas; Citi; HSBC; Intesa Sanpaolo; MUFG Bank; Bank of China; National Bank of Kuwait; Industrial and Commercial Bank of China, and Scotiabank.