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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