UAE Business: Taqa wins refinancing for its $3.5bn revolving credit facility – Gulf Digital News

UAE Business: Taqa wins refinancing for its $3.5bn revolving credit facility – Gulf Digital News

Abu Dhabi National Energy Company (Taqa) has announced that it has secured refinancing its $3.5 billion revolving credit facility.

Secured via a syndicate comprising 20 banks, the new 5-year US dollar SOFR-based facility, which will be utilised for general corporate purposes, is set to replace the organisation's existing $3.5 billion revolving credit facility, signed in December 2019, said the statement from Taqa.

The facility was 1.7 times oversubscribed. In addition to extending the final maturity from 2024 to 2027, the new facility also benefits from very competitive pricing, it stated.

Taqa Group's Chief Financial Officer Steve Ridlington said: "We are pleased to announce the successful refinancing of our revolving credit facility, for which we received a very high level of interest, allowing the Emirati group to extend the term of the facility whilst reducing the cost."

"This excellent outcome showcases both the market's confidence in Taqa's continued strong performance and our capability to drive the future of the global utilities industry," noted Ridlington.

The bookrunners, initial mandated lead arrangers and global co-ordinators of the facility are First Abu Dhabi Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation.

The bookrunners and mandated lead arrangers are: Agricultural Bank of China (AgBank), Barclays, BNP Paribas, Citibank, Emirates