Taqa names arrangers for $3b loan

London: Taqa announced it has appointed Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, HSBC, National Bank of Abu Dhabi and Royal Bank of Scotland as initial mandated lead arrangers and bookrunners for a $3 billion, three-year revolver.

The deal pays a margin of 65 basis points (bps) over Libor.

State-owned Taqa, or Abu Dhabi National Energy Co, will use proceeds to refinance the borrower's $3.1 billion, one-year facility that signed on January 10, 2008 and for general corporate purposes.

Syndication was launched on Monday and banks can committed in US dollars or in UAE dirhams.