The bulk of funds expected to be raised under the three year tenor
State controlled Abu Dhabi National Energy Co has appointed six banks to lead a $3 billion syndicated loan that will refinance an existing loan, bankers close to the deal said.
The bookrunners and initial mandated lead arrangers are Bank of Tokyo-Mitsubishi, BNP Paribas, Citi, HSBC, Royal Bank of Scotland and Standard Chartered Bank.
The loan is split between three and five year tranches, with the bulk of funds expected to be raised under the three year tenor. The split is not yet defined, and launch is planned within a week, one of the bankers said.
The three year facility pays over 100 basis points (bps) over LIBOR all-in, while the five year facility pays under 200 bps all-in, another banking source told Thomson Reuters LPC previously.
TAQA officials were not immediately available for comment.
The new financing replaces an existing three year, $3.15 billion revolving credit facility agreed by 75 percent government owned TAQA in August 2008.
Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland were mandated lead arrangers and bookrunners for the previous financing, which paid a margin of 65 bps over LIBOR. (Reuters)