(MENAFN) Abu Dhabi National Energy Co (TAQA) is ready to sign a USD3.5 billion loan to accumulate some current debts into one facility with lower interests, sources said, Reuters reported.
The move is advantageous of the sturdy liquidity of local banks in hopes of reducing lending costs. TAQA said that it works hand in hand with Bank of Tokyo-Mitsubishi for the five-year duration facility.
"They could refinance the loan and bond and still have a little bit of cash left over to put into the business," a spokesman from TAQA said in a statement.
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