Abu Dhabi National Energy Company, better known as Taqa, secured the refinancing of its $3.5 billion revolving credit facility with a syndicate comprising 20 banks.
The five-year facility will replace the company’s existing $3.5bn credit facility signed in 2019, Taqa said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded. The new funding will be used for general corporate purposes.
“We received a very high level of interest [on the refinancing deal], allowing Taqa to extend the term of the facility whilst reducing the cost,” Steve Ridlington, chief financial officer of Taqa Group, said.
A revolving credit facility is a line of credit extended by lenders which can be drawn upon at any time at the borrower’s discretion. Revolving credit facilities are used by complex businesses to enable the efficient management of cash flow and liquidity.
Taqa said its 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,” the company said.
First Abu Dhabi Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation were the bookrunners, initial mandated lead arrangers and global co-ordinators on the financing deal.
Taqa is investing $10.9bn in infrastructure development as it seeks to add about 27 gigawatts of power capacity and expand its renewables portfolio.
The company also secured Dh4bn ($1.09bn) in funding from a group of nine regional and international lenders to refinance debt for its Mirfa Power and Water Plant, it said earlier this month.
With assets in a number of countries including the UAE as well as Canada, Ghana, India, Iraq, Morocco, the UK and the US, Taqa is active in power and water generation as well as oil and gas operations.
Taqa reported 63 per cent jump in its second-quarter net profit to Dh2.31bn on the back of higher oil revenue.
Tomorrow 2021
Tomorrow 2021
BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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