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29 March 2024

Taqa sees $3b refinancing by year-end

Published
By Reuters

Abu Dhabi National Energy Company (Taqa) is in talks with banks and expects to raise the funds to refinance a $3 billion credit facility by year-end, its chief financial officer said.

State-controlled Taqa, which also runs power generation and desalination plants in the UAE, signed the $3.15 billion, three-year revolving loan in August 2008.

"We expect to finalise with banks by the year end. It will be about $3 billion," Doug Fraser said.

 "The composition of banks is not yet finalized but we expect a lot of them to be in, there could be some new banks," he said, adding the tenor and price had yet to be determined.

Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland were mandated lead arrangers and book runners for the earlier credit facility.

The original deal paid a margin of 65 basis points over Libor.

Taqa, 75-per cent owned by the government of Abu Dhabi, is one of the vehicles the emirate uses to invest oil money.