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Abu Dhabi National Energy Company (Taqa) has announced that it has refinanced its US$3.5 billion revolving credit facility.
Guaranteed by a syndicate of 20 banks, the new 5-year U.S. dollar SOFR facility will be for general corporate purposes and will replace the existing $3.5 billion revolving credit facility signed by the organization in December 2019 from Taka, the statement said. .
The facility was 1.7 times oversubscribed. In addition to extending the deadline from 2024 to 2027, the new facility benefits from very competitive pricing, it said.
Steve Ridlington, Chief Financial Officer of Taqa Group, said: “We are delighted to announce the successful refinancing of our revolving credit facility where we received very high interest, which has enabled the Emirates Group to extend the loan term while reducing costs.”
“This excellent result demonstrates the market’s confidence in Taqa’s continued strong performance and our ability to drive the future of the global utility industry,” Ridlington noted.
The bookrunners, initial authorized lead arrangers and global coordinators for the facility are First Abu Dhabi Bank, Mizuho Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation.
Bookrunners and Lead Arrangers are: Agricultural Bank of China (AgBank), Barclays Bank, BNP Paribas, Citibank, Emirates National Bank (ENBD), HSBC Holdings, Mashreq Bank, Standard Chartered Bank, Bank of China, China ICBC.
The entrusted lead arrangers are China Construction Bank, NBK Group, Intesa Sanpaolo, JPMorgan Chase, Scotiabank and Natixis. SMBC also acts as the document bank, while First Abu Dhabi Bank is the loan agent.arab trade news agency
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