Abu Dhabi's TAQA issues 10-year $750mn bond
Bond will be used to repay $1.2bn of bonds due to mature in September
Abu Dhabi National Energy Company (TAQA) has issued a 10-year $750mn bond.
The proceeds of the offering will be used to repay part of the $1.2bn of bonds scheduled to mature in September 2014.
The bond, priced at 3.875%, was part of a refinancing programme executed by TAQA, which also included the issuance of a $200mn five-year term loan to the Japanese Samurai market and a €180m ($138mn) 10-year private placement note.
In March TAQA announced a net loss of $680.6mn (AED 2.5bn) for 2013 as a result of a one-off, non-cash impairment related to the value of the company’s North American oil and gas assets.