Abu Dhabi National Energy Company, better known as Taqa, secured the refinancing of its $3.5 billion revolving credit facility with a syndicate comprising 20 banks.
The five-year facility will replace the company’s existing $3.5bn credit facility signed in 2019, Taqa said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded. The new funding will be used for general corporate purposes.
“We received a very high level of interest [on the refinancing deal], allowing Taqa to extend the term of the facility whilst reducing the cost,” Steve Ridlington, chief financial officer of Taqa Group, said.
A revolving credit facility is a line of credit extended by lenders which can be drawn upon at any time at the borrower’s discretion. Revolving credit facilities are used by complex businesses to enable the efficient management of cash flow and liquidity.
Taqa said its facility was “1.7 times oversubscribed”.
“In addition to extending the final maturity from 2024 to 2027, the new facility also benefits from very competitive pricing,” the company said.
First Abu Dhabi Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation were the bookrunners, initial mandated lead arrangers and global co-ordinators on the financing deal.
Taqa is investing $10.9bn in infrastructure development as it seeks to add about 27 gigawatts of power capacity and expand its renewables portfolio.
The company also secured Dh4bn ($1.09bn) in funding from a group of nine regional and international lenders to refinance debt for its Mirfa Power and Water Plant, it said earlier this month.
With assets in a number of countries including the UAE as well as Canada, Ghana, India, Iraq, Morocco, the UK and the US, Taqa is active in power and water generation as well as oil and gas operations.
Taqa reported 63 per cent jump in its second-quarter net profit to Dh2.31bn on the back of higher oil revenue.
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It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
Karwaan
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Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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