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FinancialNews


  • 07-12-11

    UAE's TAQA plans to raise USD1.5bn from bond issue

    (MENAFN) Abu Dhabi National Energy Co. (TAQA) said that the company planned to raise USD1.5 billion from a two-part bond issue, reported Arab News. The state-run company added that the bond would mature in 2017 and 2021, whereas both tranches would be benchmark-sized, adding that the aim of the bond issue was to increase funds to refinance upcoming debt. On the other hand, the firm said that guidance for the long five-year tranche maturing 2017 was set at 350 basis points (bps) over 5-year US Treasuries and 412.5 bps over 10-year Treasuries for the portion maturing in 2021. It is worth noting that the government of Abu Dhabi owns 75 percent of TAQA, which is a regular issuer of debt in global markets and benefits from implicit backing from the Abu Dhabi government as one of its strategic firms.

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