TAQA looking to refinance $3bn loan
- United Arab Emirates: Thursday, October 04 - 2012 at 08:46
Abu Dhabi National Energy Co (Taqa) is looking to refinance up to $3bn of syndicated loans and banks are due to submit proposals this week, Reuters has reported, citing two bankers close to the deal. The utility firm is a familiar name in the loan market which could encourage banks to take part, the bankers said. However, Taqa may have to pay more than on its original $3bn loan signed in December 2010 with coordinator Bank of Tokyo-Mitsubishi UFJ. Taqa's original loan was split between a $1bn, three-year tranche at 1% and a $2bn, five-year tranche, at 2%. The new deal is also likely to be in two parts, the bankers said.
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