Narrative
Full Description
Project narrative
On December 19, 2019, a syndicate of 13 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $3.5 billion USD syndicated multi-currency revolving credit facility (RCF) agreement with Abu Dhabi National Energy Company, PJSC (TAQA) — an United Arab Emirates-incorporated energy holding company operating in oil and gas, power generation, water desalination, and infrastructure sectors headquartered in Abu Dhabi and listed on Abu Dhabi Securities Exchange majority-owned by the Government of Abu Dhabi — for general corporate purposes and to refinance an existing $3.1 billion USD RCF signed in August 2015. This RCF carried a maturity period of five years and an interest rate of LIBOR or EURIBOR plus an unspecified margin. BOC's contribution is captured via Record ID#91951; ICBC's contribution is captured via Record ID#91952. In addition to BOC and ICBC, the following banks participated in this syndicated loan: First Abu Dhabi Bank (FAB), Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, Mashreqbank, BNP Paribas, Citi, HSBC, Intesa Sanpaolo, MUFG Bank, National Bank of Kuwait (NBK), and Scotiabank. FAB, SMBC, and Mizuho Bank served as the Bookrunners, initial Mandated Lead Arrangers and Global Coordinators of the facility. FAB also served as the Documentation Bank and Facility Agent.
Staff comments
1. The individual contributions of the 13 lenders to this multi-currency $3.5 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that the 13 lenders each contributed equal amounts ($269,230,769 USD) to the loan syndicate. 2. Concerning that the interest rate was based on an unspecified margin plus either a LIBOR or EURIBOR margin, it is likely that this RCF was denominated in USD and EUR. This issue merits further investigation.