Abu Dhabi state-owned firm starts planning to raise money for 2013 refinancing
Abu Dhabi National Energy Company (Taqa) has hired a group of 10 banks to arrange a $2bn loan for the company to refinance an existing deal that matures in December 2013.
The new deal will be split between three- and five-year portions. Banks hired to arrange the facility are the US’ Bank of America, Citigroup; Japan’s Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corporation; the UK’s HSBC, Royal Bank of Scotland and Standard Chartered; France’s Societe Generale and BNP Paribas; and National Bank of Abu Dhabi.
Taqa is set to hold meetings with potential lenders on the deal in Abu Dhabi, Hong Kong and London by early November.
In 2010 the firm, which is 75 per cent owned by the government of Abu Dhabi, signed a $2bn three-year deal along with a $1bn five-year loan.