Abu Dhabi National Energy Co., also known as TAQA, said on Friday it has completed the refinancing of its $3.5 billion revolving credit facility.

The five-year Secured Overnight Financing Rate (SOFR) facility, secured via a syndicate comprising 20 banks, is set to replace the existing $3.5 billion revolving credit facility signed in December 2019, TAQA said in a regulatory filing on the Abu Dhabi Securities Exchange.

The facility, which will be utilised for general corporate purposes, 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, it added.

(Writing by Brinda Darasha; editing by Seban Scaria)