Abu Dhabi National Energy Company (TAQA) plans to raise US$2bn from a two-part bond in order to help it meet the high demand it has been experiencing from the international market
Funds raised by the Abu Dhabi-based energy company from the sale of the bonds will be used to repay outstanding debt that is coming to maturity, according to a TAQA insider.
TAQA, in which the Abu Dhabi government owns a 70 per cent stake, set up a US$750mn bond maturing 2018 at a spread of 200 basis points over US treasuries and a US$1.25bn bond maturing 2023 at 2010 basis points over US treasuries.
"We are still in the process of book building. We have seen strong demand and expect to finalise the transaction late Wednesday or by Thursday," said a spokesman for TAQA.
