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FINANCIAL NEWS
Abu Dhabi’s Taqa replaces credit facility
21 Dec 2010
(MENAFN) Doug Fraser, Chief Financial Officer at the Abu Dhabi National Energy Company (Taqa), revealed that the company has secured a $3 billion revolving credit facility, replacing its existing $3.15 billion facility, which will be used for general corporate purposes, Trade Arabia reported.
The $3 billion facility from 20 banks comprises $2 billion in a three-year revolving credit tranche, and $1 billion in a five-year revolving tranche, explained Fraser.
According to Fraser, Taqa has seen a high level of interest in the syndication of the revolving credit facility from banks around the world resulting in the facility being oversubscribed, thus enabling the Abu Dhabi-based firm us to keep pricing tight and maintain flexibility.
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