Dubai Electricity and Water Authority (Dewa) is seeking to refinance a $2.2bn loan facility and has begun asking banks to submit pricing indications for extending the loan beyond its maturity in April.
The deal is being arranged by Dubai Islamic Bank, Royal Bank of Scotland, and Standard Chartered, which led the original financing.
Pricing on the original facility was just 30 basis points over the London interbank offered rate (Libor), meaning that Dewa is likely to pay significantly more for the funds in the current banking environment than it had been.
The 2008 deal also saw Barclays Capital, Calyon, Emirates NBD, Fortis, Intesa San Paulo, Samba, Lloyds TSB, Mashreqbank and National Bank of Abu Dhabi act as mandated lead arrangers.
The new deal is expected to have a tenor of three years.
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