TAQA secures US$3.5 billion revolving credit facility


ABU DHABI, 23rd December, 2019 (WAM) -- Abu Dhabi National Energy Company, TAQA, announced today that it has secured a US$3.5 billion revolving credit facility. The new 5-year multicurrency facility with a syndicate of 13 banks will be used for general corporate purposes and will replace its existing US$3.1 billion revolving credit facility, signed in August 2015.

Commenting on the news, Mohammed Al Ahbabi, Chief Financial Officer of TAQA, said, "TAQA’s funding exercises continue to be met with strong levels of interest from investors and lenders alike. Our fifth such facility to date, this has allowed us to keep pricing tight and fund at favorable terms for another five years."

The Bookrunners, Initial Mandated Lead Arrangers and Global Coordinators of the facility were First Abu Dhabi Bank, FAB; Sumitomo Mitsui Banking Corporation and Mizuho Bank. The remaining banks in the syndication were: Mashreqbank; BNP Paribas; Citi; HSBC; Intesa Sanpaolo; MUFG Bank; Bank of China; National Bank of Kuwait; Industrial and Commercial Bank of China and Scotiabank. FAB have also acted as the Documentation Bank and facility Agent.

WAM/Esraa Ismail