Taqa refinances CND$1.3bn

Published: May 25, 2010

Energy company uses new funds to develop North American interests.

Abu Dhabi’s state-owned energy company is to grow its North American assets after successfully refinancing the CND$1.3bn credit line of its Canadian operation.

The Abu Dhabi National Energy Company, known as Taqa, has agreed a deal that will allow it to borrow as much as CND$1bn from a syndicate of eight Canadian banks as part of a three-year agreement. 

The company, which is listed on the Abu Dhabi Securities Exchange, will use the funds to increase drilling at its North American oil and natural gas deposits. It also has assets and utilities in the Middle East, the North Sea and India.

The deal was arranged by Canadian Imperial Bank of Commerce and the Toronto Dominion Bank, which were also joint bookrunners. Scotia Bank was the co-syndication agent.