Abu Dhabi National Energy Company (“TAQA”) has secured refinancing its USD3.5 billion revolving credit facility.
Secured via a syndicate comprising 20 banks, the new 5-year USD SOFR-based facility, which will be utilised for general corporate purposes, is set to replace the organisation’s existing USD3.5 billion revolving credit facility, signed in December 2019.
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.
Taqa’s chief legal officer Mohammad Adnan Sharafi (pictured) oversaw the matter.
The Bookrunners, Initial Mandated Lead Arrangers and Global Coordinators of the facility are First Abu Dhabi Bank (“FAB”), Mizuho Bank, Mufg Bank, and Sumitomo Mitsui Banking Corporation (“SMBC”).
The Bookrunners and Mandated Lead Arrangers included Agricultural Bank of China (“AgBank”), Barclays, Bnp Paribas, Citibank, Emirates Nbd (“ENBD”), HSBC Holdings, Mashreq Bank, Standard Chartered, Bank of China, Industrial and Commercial Bank of China.
The Mandated Lead Arrangers included China Construction Bank, NBK Group, Intesa Sanpaolo, JP Morgan Chase & Co., The Bank of Nova Scotia (“Scotiabank”), and Natixis. Smbc also acted as the Documentation Bank, while FAB is the Facility Agent.