Abu Dhabi National Energy Company (Taqa) has given banks until 29 November to respond to a request to fund a $3bn loan deal.

The deal was launched on the 29 October and Taqa hopes to sign the facility by 6 December. Part of the proceeds will be used to refinance an existing $3.15bn loan that matures in August 2011.

Taqa has invited banks to commit to either a $2bn three-year loan or $1bn five-year loan in dollars or dirhams. There are also four levels that banks can participate in the deal with higher fees paid for the larger commitments, ranging from 50 to 100 basis points.

The commitment levels, and fees available, are as below:

The company has appointed France’s BNP Paribas; the UK’s HSBC, Standard Chartered and Royal Bank of Scotland; the US’s Citigroup; and Bank of Tokyo Mitsubishi to arrange the deal.

Meetings with banks are due to take place on 3 November in Abu Dhabi, 5 November in the UK, Taipei on 10 November and Hong Kong on the 11 November.

The deal is structured as a revolving credit facility, which will enable Taqa to repay the loan, and then borrow the money again before the final maturity date of the loan.