Abu Dhabi National Energy Company (TAQA) has signed a $2.5 billion syndicated loan after launching the deal at $2 billion in October, the 10 arranging banks said in a statement on Thursday.
The deal is a boost for international banks hungering for business after Middle Eastern syndicated loan volumes plunged to an eight-year low of $35 billion this year as many regional borrowers turned to cash-rich local lenders, according to Thomson Reuters LPC data.
The 10 initial mandated lead arrangers and bookrunners - Bank of America, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, HSBC, National Bank of Abu Dhabi, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation - committed $200 million each in October.
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