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Abu Dhabi’s TAQA sees $3 bln refinancing by end ’10-CFO

The original deal paid a margin of 65 basis points over LIBOR.

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October 4, 2010 8:29 by



Abu Dhabi National Energy Company (TAQA) is in talks with banks and expects to raise the funds to refinance a $3 billion credit facility by year-end, its chief financial officer told Reuters on Sunday.

State-controlled TAQA, which also runs power generation and desalination plants in the United Arab Emirates, signed the $3.15 billion, three-year revolving loan in August 2008. “We expect to finalise with banks by the year end. It will be about $3 billion,” Doug Fraser said by telephone.

“The composition of banks is not yet finalized but we expect a lot of them to be in, there could be some new banks,” he said, adding the tenor and price had yet to be determined.

Bank of Tokyo-Mitsubishi UFJ, Barclays , BNP Paribas , HSBC , National Bank of Abu Dhabi and Royal Bank of Scotland were mandated lead arrangers and book runners for the earlier credit facility.

The original deal paid a margin of 65 basis points over LIBOR.

Taqa, 75-percent owned by the government of Abu Dhabi, is one of the vehicles the wealthy emirate uses to invest oil money.

(Reporting by Stanley Carvalho; Editing by Jon Loades-Carter)



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