- 21 Dec 2010
TAQA Secures US$ 3.0 Billion Revolving Credit Facility
Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that it has secured a US$ 3.0 billion revolving credit facility. The facility will be used for general corporate purposes and will replace its existing US$ 3.15 billion revolving credit facility, signed in August 2008.Commenting on the news, Doug Fraser, Chief Financial Officer of TAQA, said:
“ We saw a high level of interest in the syndication of the revolving credit facility from banks around the world resulting in the facility being oversubscribed. The strong interest has allowed us to keep pricing tight and maintain flexibility. All in all, this is a highly successful refinancing process which allows us to extend the bank facility for another three to five years at very attractive pricing.”The US$ 3.0 billion facility from 20 banks comprises US$ 2.0 billion in a three year revolving credit tranche and US$ 1.0 billion in a five year revolving tranche.The bookrunners of the facility were The Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), BNP Paribas, Citi, HSBC, The Royal Bank of Scotland PLC and Standard Chartered Bank. Initial Mandated Lead Arrangers were Bank of America Merrill Lynch and Sumitomo Mitsui Banking Corporation. The remaining banks in the syndication were: DnB NOR Bank, Intesa Sanpaolo, Natixis, Société Générale, WestLB, Nomura, Europe Arab Bank, Maybank, Bank of Taiwan, Chang Hwa Bank and Commercial Bank (Taipei), Taiwan Co-op Bank and United Taiwan Bank. BTMU have also acted as Coordinator and Facility Agent.- ENDS -Contact Information for Media: Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comTAQA Investor RelationsMohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
firstname.lastname@example.orgNOTES TO EDITORSAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce over 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.