Abu Dhabi National Energy Company (Taqa), has completed the refinancing of its subsidiary Taqa North’s AED4.59bn ($1.325bn) revolving credit facility.

The facility has been decreased in size to AED3.7bn and will be funded by a group of eight Canadian banks. Although the exisiting facility was larger, it was only around AED3.7bn drawn when the refinancing occurred. Taqa said that although the new deal is smaller than the exisiting loan, it is at the upper end of how much it was looking to raise.

Taqa said in a statement posted on the Abu Dhabi Securities Exchange (ADX) on 23 May, “The facility was oversubscribed, leading to the company accepting the higher limit of its AED2.6bn to AED3.7bn target established at the beginning of the refinancing process.”

Taqa North will initially draw down AED3.2bn from the new facility.

Canada’s Toronto Dominion Bank (TD Bank) and Canadian Imperial Bank of Commerce (CIBC) were the co-lead arrangers and joint bookrunners on the transaction, while Scotiabank acted as the co-syndication agent.    

Taqa is 75 per cent owned by the state-run Abu Dhabi Water and Electricity Authority (Adwea). It operates in 13 countries and focuses its investments in power generation, desalination, upstream oil and gas, pipelines and gas storage.

Taqa’s total assets stood at AED94.1bn as of 31 March this year. It posted a more than sevenfold increase in first-quarter profit to AED287m, from AED40m a year earlier, attributing the increase to rising oil prices.