Energy company says will be used for general corporate purposes and will replace its existing $3.1bn revolving credit facility
3. What challenges does the UAE face?
The 2015 UAE State of Energy Report says it has one of the largest carbon footprints in the world. Efforts have been made to shrink this, but there are inherent challenges of water scarcity, high temperatures and fossil fuel dependence.
Abu Dhabi National Energy Company, better known as TAQA, announced on Monday that it has secured a $3.5 billion revolving credit facility.
The new five-year multicurrency facility with a syndicate of 13 banks will be used for general corporate purposes and will replace its existing $3.1 billion revolving credit facility, signed in August 2015, a statement said.
Mohammed Al Ahbabi, chief financial pfficer of TAQA, said: "TAQA’s funding exercises continue to be met with strong levels of interest from investors and lenders alike. Our fifth such facility to date, this has allowed us to keep pricing tight and fund at favourable terms for another five years."
The bookrunners, initial mandated lead arrangers and global coordinators of the facility were First Abu Dhabi Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank. The remaining banks in the syndication were Mashreqbank, BNP Paribas, Citi, HSBC, Intesa Sanpaolo, MUFG Bank, Bank of China, National Bank of Kuwait, Industrial and Commercial Bank of China and Scotiabank.
FAB also acted as the documentation bank and facility agent.
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