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TAQA concludes $3.5bn revolving credit facility

TAQA concludes $3.5bn revolving credit facility
The facility will be offered by a consortium of 13 banks
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Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) has successfully secured a five-year revolving credit facility at a value of $3.5 billion.

The new multicurrency facility will be utilised in the company's general purposes and will replace the current $3.1 billion revolving credit facility that was concluded in August 2015.

The facility will be offered by a consortium of 13 banks, according to a press release on Monday.

In this regard, TAQA’s chief financial officer, 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.”

Moreover, First Abu Dhabi Bank (FAB), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank acted as the facility’s bookrunners, global coordinators, and initial mandated lead arrangers (MLA).

The remaining banks in the syndication were “Mashreq Bank, BNP Paribas, Citi, HSBC, Intesa Sanpaolo, MUFG Bank, Bank of China, National Bank of Kuwait (NBK), Industrial and Commercial Bank of China (ICBC) and Scotiabank. FAB has also acted as the Documentation Bank and facility Agent,” according to the statement.