Taqa appoints arrangers for $3bn

Taqa announced it has appointed Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland as initial mandated lead arrangers and bookrunners for a $3 billion (Dh11bn), three-year revolver. The deal pays a margin of 65 basis points (bps) over Libor.

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

Syndication will launch on Monday and banks involved can commit in US dollars or in UAE dirhams.

Three levels of participation are on offer, with mandated lead arrangers invited to commit $200 million for an upfront fee of 50 bps, lead arrangers $100m for 40 bps, and arrangers $50m for 32.5 bps. Bank presentations will be held in London, Abu Dhabi and South East Asia during the week beginning June 30.

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.

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