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- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Abu Dhabi National Energy Company (Taqa) has signed a $3.15 billion (Dh11.5bn), three-year revolving credit via initial mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland, the lenders announced yesterday.
The deal, which pays a margin of 65 basis points (bps) over Libor, was increased from $3bn after oversubscription.
Taqa will use proceeds to refinance the borrower's $3.1bn, one-year facility it signed on January 10, 2008, and for corporate purposes.
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 $100n for 40 bps, and arrangers $50m for 32.5 bps.
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