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(From left to right) Vivek Gambhir - General Counsel, Corporate at TAQA, Flavio Simonutti - Vice President, Treasury Operations at TAQA, Stephen Ridlington, Chief Financial Officer at TAQA, Erik Begin, Senior Legal Counsel at TAQA and Suhail AlShamsi - Director, Treasury, Risk and Insurance at TAQA. Image Credit: Supplied

Abu Dhabi: The Abu Dhabi utility powerhouse secured the refinancing of its $3.5 billion revolving credit facility, it said on Friday. Secured via a syndicate comprising 20 banks, the new 5-year USD SOFR based facility, which will be utilized for general corporate purposes, is set to replace the organization’s existing $3.5 billion revolving credit facility, signed in December 2019. The facility was 1.7 times oversubscribed. In addition to extending the final maturity from 2024 to 2027, the new facility also benefits from very competitive pricing.

“We are pleased to announce the successful refinancing of TAQA’s revolving credit facility, for which we received a very high level of interest, allowing TAQA to extend the term of the facility whilst reducing the cost,” said Steve Ridlington, TAQA Group’s Chief Financial Officer. “This excellent outcome showcases both the market’s confidence in TAQA’s continued strong performance and our capability to drive the future of the global utilities industry.”

First Abu Dhabi Bank PJSC (FAB), Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC) were the bookrunners, initial mandated lead arrangers and global co-ordinators on the financing deal.

Earlier this month, ADNOC and TAQA announced the financial closing of their $3.8 billion strategic project to power and significantly decarbonise ADNOC’s offshore production operations.

Together with a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Electricité de France (EDF) (the Consortium), this is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.