Emirates Nuclear Energy Corp., which is building the Gulf Arab region’s first nuclear power plant in Abu Dhabi, is raising $2 billion from bank loans to finance construction, according to two bankers familiar with the plan.
The 20-year facility being raised by the government-owned company pays interest of 175 basis points, or 1.75 percentage points, above the London interbank offered rate, according to the bankers, who asked not to be identified because the information is private. The interest rate will rise over the loan’s life to 260 basis points above the benchmark, the bankers said. The signing of the agreement is imminent, they said.
HSBC Holdings Plc and Credit Suisse Group AG are advising Emirates Nuclear Energy on the fundraising, according to the bankers. Standard Chartered Plc, National Bank of Abu Dhabi PJSC, First Gulf Bank PJSC and Union National Bank PJSC may also to lend to Emirates Nuclear Energy, they said.
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