Taqa prepares to price bond issue

05 December 2012

Tranches for Taqa bond issue will mature in 2018 and 2023

Abu Dhabi National Energy Company (Taqa) is preparing to price a two-tranche dollar-denominated bond issue maturing in 2018 and 2023.

MEED reported in late November that Taqa was close to securing a new $2bn loan at rates lower than the last time it raised money from banks in 2010.

The new loan will replace a $2bn deal that matures in December 2013 with two $1bn facilities of three and five years in duration. Both will be priced at under 100 basis points, with pricing starting at 75 basis points and stepping up to a higher rate depending on how much of the loan is drawn.

France’s BNP Paribas, US-based Citigroup, the local National Bank of Abu Dhabi and the UK’s Standard Chartered are arranging the deal.

When Taqa arranged its 2010 loan, which also included a $1bn tranche that matures in 2015, it is understood to have priced that deal at between 100-130 basis points.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications