Taqa prices $750m bond

30 April 2014

Abu Dhabi company plans to sell 10-year bond priced at 3.875 per cent

Abu Dhabi National Energy Company (Taqa) is planning to sell a 10-year, $750m bond. The senior unsecured notes are priced at 3.875 per cent, which is 115 basis points over mid-swaps.

Bank of America Merrill Lynch, Mitsubishi UFJ Securities, Societe Generale Corporate and Investment Banking, Standard Chartered Bank and Royal Bank of Scotland have been arranging meetings with investors on Taqa’s behalf from 24 April onwards.

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.

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