Abu Dhabi National Energy Company (Taqa) has announced it has refinanced its $3.1bn revolving credit facilities.

Taqa achieved improved terms in the lower interest rate environment, thereby reducing funding costs.

Bloomberg reported prior to the deal that around 12 local and international banks were participating, including UK-based HSBC, US-based JPMorgan Chase and local National Bank of Abu Dhabi. The interest rate is between 75 and 95 points above London interbank offered rate (Libor), depending on how much credit is withdrawn, according to Bloomberg.

The facilities replace a $3bn deal from 2010.

US-based Moody’s Investors Services reaffirmed Taqa’s credit rating at A3, while Standard & Poor’s (S&P) reaffirmed its A rating. This is thanks to the high level of Abu Dhabi government support.

Taqa issued a 10-year, $750m bond in 2014, as well as Japanese debt and Eurobonds as part of its refinancing that year.

The company has AED75.5bn ($20.6bn) in debts, and paid AED1.2bn to finance them in the first half of 2015.

Taqa made a loss of AED231m over the first six months of the year due to lower oil prices. It is reducing its capital expenditure, workforce and cash costs dramatically.