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Taqa Hires 10 Banks to Arrange $2 Billion of Revolving Credits

Abu Dhabi National Energy Co. (TAQA), the state-controlled power and oil producer known as Taqa, hired 10 banks led by Bank of Tokyo-Mitsubishi UFJ Ltd. to arrange $2 billion of credit lines to refinance a loan maturing in 2013.

The deal will be divided between three- and five-year multicurrency portions and replaces a $2 billion piece of a credit pact maturing in December 2013, according to an e-mailed statement from the lenders.

Bank of America Corp., BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc, National Bank of Abu Dhabi PJSC (NBAD), Royal Bank of Scotland Group Plc, Societe Generale SA, Standard Chartered Bank and Sumitomo Mitsui Financial Group Inc. are also participating as bookrunners, according to the statement. The borrower will hold presentations in Abu Dhabi, London and Hong Kong next week.

Taqa signed $3 billion of credit lines in 2010 that paid interest at 100 basis points to 130 basis points more than benchmark rates, according to data compiled by Bloomberg. A basis point is 0.01 percentage points.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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