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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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