Taqa, a National Energy Company in Abu Dhabi recently said that it has secured a $3 billion revolving credit, which it wants to refinance an earlier debt. This facility has been kept in clear field that is to be used for general corporate purpose and soon will replace its existing $3.15 billion revolving credit signed in august 2008.

The company confirmed that the $3 billion facility and 20 banks compromise $2 billion in a three year revolving credit tranche and $1 billion in a five year revolving tranche.

The lead book runners of this facility were the bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, HSBC, The Royal Bank of Scotland and Standard Chartered Bank.

The chief financial officer of the company Mr. Doug Fraser stated that he noticed a high level of interest in the assumption of revolving credit facility from the banks around the world, which results the facility to be oversubscribed.

The strong point for the interest is to keep the pricing tight and to maintain flexibility. He has also mentioned that due to this highly successive refinancing process, the banks are willing to extend facility for another 3 to 5 years at a very eye-catching price.