- 23 May 2010
- Global
TAQA Completes Refinancing with a CDN$ 1.0 Billion Revolving Facility
Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced the successful refinancing of a CDN$1.325 billion revolving credit facility by its wholly-owned subsidiary TAQA NORTH.The new facility is a CDN$1.0 billion three-year revolving credit facility funded by a syndicate of eight Canadian banks. The facility was over-subscribed, leading to the Company accepting the higher limit of its $700 million to $1 billion target established at the beginning of the refinancing process. The company will be initially drawing CDN$875 million from the new facility.Canadian Imperial Bank of Commerce and the Toronto Dominion Bank acted as the Co-lead Arrangers and Joint Bookrunners in this transaction. Scotia Bank was the Co-Syndication Agent.- ENDS -For further information:TAQA Investor Relations, Abu DhabiTanis Thacker, Head of Investor Relations
+971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964Capital MS&L
London – Nick Bastin / Anna Davies on + 44 7931 500 066 / +44 7789 637 174
firstname.surname@capitalmsl.comAbout 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 almost 135,000 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.