Abu Dhabi's TAQA marketing $3bn five-year loan to banks

Banks which have backed the loan include BNP Paribas, HSBC, Mizuho, SMBC and Societe Generale
Abu Dhabi's TAQA marketing $3bn five-year loan to banks
By Reuters
Thu 25 Jun 2015 11:52 AM

Abu Dhabi National Energy Company (TAQA) is marketing a $3 billion, five-year loan to banks after receiving initial commitments from eight local and international banks, four sources aware of the matter said on Thursday.

Base pricing on the revolving credit facility is 50 basis points over the London interbank offered rate (Libor), but the return for banks will be increased by different fees, including some for initially committing to the loan and if the company doesn't draw down on the funds, two of the sources said.

The eight banks which have already backed the loan are facility coordinators Bank of Tokyo-Mitsubishi and National Bank of Abu Dhabi, as well as BNP Paribas, First Gulf Bank, HSBC, Mizuho, SMBC and Societe Generale, according to three sources.

TAQA declined to comment.

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