Friday 27 April 2018

Taqa signs $3.15bn refinancing loan

Abu Dhabi, August 11, 2008

Abu Dhabi-based Taqa has signed a $3.15 billion, three-year revolving credit via initial mandated lead arrangers and bookrunners.

The arrangers include Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland.

The deal, which pays a margin of 65 basis points (bps) over Libor, was increased from $3 billion after oversubscription.

State-owned Taqa, or Abu Dhabi National Energy Co, will use proceeds to refinance the borrower's $3.1 billion, one-year facility that signed on January 10, 2008 and for general corporate purposes.

 Banks were able to commit in US dollars or in UAE dirhams.

Three levels of participation were on offer, with mandated lead arrangers invited to commit $200 million for an upfront fee of 50 bps, lead arrangers $100 million for 40 bps, and arrangers $50 million for 32.5 bps.

Bank of Tokyo-Mitsubishi UFJ acted as co-ordinator, facility agent and documentation agent.

Taqa operates six power generation and water desalination plants in the UAE. It is rated Aa2 by Moody's and AA- by Standard & Poor's. - Reuters

Tags: Taqa | Abu Dhabi National Energy | oil and gas |

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