Taqa plans to issue bond of at least $500m

23 April 2014

Issue is part of refinancing of $1.2bn bond maturing in September

Abu Dhabi National Energy Company (Taqa) is planning to issue a dollar-denominated, benchmark-sized bond, which typically raises at least $500m.

It will be conducting a series of investor meetings in Asia, Europe, and the US from 24 April onwards.

Bank of America Merrill Lynch, Mitsubishi UFJ Securities, Société Générale Corporate and Investment Banking, Standard Chartered Bank and Royal Bank of Scotland will be arranging meetings on Taqa’s behalf.

The planned issue is part of the refinancing of a $1.2bn bond maturing in September. As part of the refinancing Taqa also signed a $200m-equivalent (¥20.4bn) Japanese yen-denominated loan with banks in mid-April.

The company is planning capital expenditure of more than $2bn during 2014 as it pushes forward with its infrastructure projects both in the Middle East and the rest of the world.

It recorded a AED2.52bn loss in 2013 due to the restructuring of the company’s North American assets. Revenue reached AED21.15bn in 2013, an increase of 3 per cent on the previous year.

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