Abu Dhabi's Taqa issues $500m bonds due in October 2049

Abu Dhabi National Energy Co says proceeds of offering to be used to repay other outstanding debt

Taqa is listed on ADX.
Taqa is listed on ADX.

Abu Dhabi National Energy Company (Taqa) has finalised the issuance of $500m (AED1.8bn) worth of senior unsecured notes due in October 2049, it said in a missive to Abu Dhabi Securities Exchange (ADX).

Taqa said the bonds would carry a coupon and re-offer yield to maturity of 4%.

''The proceeds of the offering will be used for the repayment of other outstanding debt," the statement added.

This August, Taqa said its Iraq subsidiary, Taqa Atrush, produced one million barrels of oil at its site in the Kurdistan region for the first time since beginning operations in July 2017.

The firm attributted its July 2019 milestone to new wells coming on stream and the impact of debottlenecking work over the past few months, which increased the capacity of volumes handled by the facility.

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