Published: December 14, 2012
The deal, one of the largest Middle Eastern syndicated loans this year, involved 10 banks.
Abu Dhabi National Energy Company (TAQA) has reportedly agreed a US$2.5bn syndicated loan. The sum is an advance on the US$2bn initially proposed in October.
The mandated lead arrangers and bookrunners are Bank of America, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, HSBC, National Bank of Abu Dhabi, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. Each committed US$200mn.
The dual-tranche facility will be used for refinancing and general corporate purposes. It takes the form of a US$1.2bn, 3-year tranche and a US$1.3bn, 5-year tranche. The funds can be drawn in euro, sterling, or Canadian and US dollars.