FINANCIAL NEWS

Abu Dhabi’s Taqa secures USD2.5b loan

16 Dec 2012

(MENAFN) Abu Dhabi National Energy Company (Taqa) has secured USD2.5 billion syndicated loan, Reuters reported, citing the 10 arranging banks.

The deal reflects the appetite of international banks craving for business after Middle Eastern syndicated loan volumes plunged to an eight-year low of USD35 billion this year as many regional borrowers turned to cash-rich local lenders, according to Thomson Reuters LPC data.

The deal was launched last October at USD2 billion and the 10 initial mandated lead arrangers and bookrunners committed USD200 million each.

Sixteen additional banks joined the deal in syndication, from the Middle East, Europe and Asia, the arrangers said.

Taqa is 75 percent owned by the Abu Dhabi government and boasts a strong credit rating of A/A3 by Standard and Poor’s and Moody’s respectively.

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