Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) has completed the refinancing of its $3.50 billion revolving credit facility, according to a press release.
A total of 20 local and global banks led the transaction, which was oversubscribed 1.7 times. Meanwhile, TAQA will use the five-year facility for general corporate purposes.
The UAE-based firm aims to replace its existing $3.50 billion revolving facility agreement, which was signed in December 2019, and extend the final maturity to 2027 instead of 2024.
Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC) were also coordinating the refinancing process.
First Abu Dhabi Bank (FAB) meanwhile acted as the facility agent, in addition to being among the bookrunners and initial mandated arrangers.
Steve Ridlington, CFO of TAQA Group, commented: “We are pleased to announce the successful refinancing of TAQA’s revolving credit facility, for which we received a very high level of interest, allowing TAQA to extend the term of the facility whilst reducing the cost.”
The funding follows the AED 4 billion refinancing which TAQA recently secured from Mirfa International Power and Water Company (MIPCO).
In the January-June 2022 period, the net profits attributable to the owners of TAQA enlarged to AED 4.28 billion from AED 2.85 billion during the same period a year earlier.