Taqa launches syndication of $3bn credit facility
Abu Dhabi, November 1, 2010
The Abu Dhabi National Energy Company (Taqa), has mandated Bank of Tokyo-Mitsubishi, (co-ordinator), BNP Paribas, Citi, HSBC, Royal Bank of Scotland and Standard Chartered Bank (the bookrunners) to arrange a $3.0 billion revolving credit facility.
The Bank of Tokyo-Mitsubishi will act as facility agent. Ahead of the launch of syndication, the bookrunners were joined by Bank of America Merrill Lynch and Sumitomo Mitsui Banking Corporation and together were designated initial mandated lead arrangers.
The facility is structured into multi-currency three and five year revolving credit tranches. The facility will be used for general corporate purposes and will replace the existing $3.15 billion revolving credit facility signed in August 2008.-TradeArabia News Service
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