(MENAFN) Sources reported that Abu Dhabi National Energy Company (TAQA) is near finalizing a five-year loan worth USD3.1 billion which will combine existing debts into a new low-cost facility.
The transactions of the deal have been sealed by the banks backing the loan, however, TAQA is still waiting for the agreement of the emirate's Debt Management Office before officially signing the deal.
A multiple of banks joined the eight lenders that initially backed the loan in June. This allowed the size of the facility to increase from the USD3 billion to as much as USD3.5 billion.
"There isn't a template to follow as it's not been done before so they (the DMO) have to put one together," a source said, forecasting assent should arrive by the end of August.
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