State-owned Abu Dhabi National Energy Company (Taqa) has hired 10 banks to arrange a $2 billion syndicated loan to refinance debt maturing in December 2013.

Banc of America, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, HSBC, National Bank of Abu Dhabi, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation are leading the transaction.

The financing will include a three-year and a five-year revolving credit facility, Taqa said on Friday. The banks will hold presentations in Abu Dhabi, Hong Kong and London next week.

The energy and utility firm is 75 per cent owned by the Abu Dhabi government.

Taqa may have to pay more than on its original $3 billion loan signed in December 2010. Since then, the euro zone debt crisis has squeezed banks' liquidity - especially in Europe - which means that the majority of borrowers have to pay more for loans. – Reuters