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Taqa marketing $3b five-year loan to banks

The loan amount is smaller than the $3.5 billion that sources indicated last month the energy firm was looking to raise.



By Agencies

Published: Fri 26 Jun 2015, 10:54 PM

Last updated: Wed 8 Jul 2015, 3:18 PM

Abu Dhabi National Energy Company, or Taqa, is marketing a $3 billion, five-year loan to banks after receiving initial commitments from eight local and international banks, four sources aware of the matter said on Thursday.

The loan amount, which will be used to consolidate existing debts into one facility with a lower rate of interest, is smaller than the $3.5 billion that sources indicated last month the energy firm was looking to raise.

However, the overall size of the facility could be increased depending on the response from banks invited to back the deal, according to one source who spoke on condition of anonymity. Taqa declined to comment.


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