Abu Dhabi power plant to price project bond
Dubai, July 23, 2013
Abu Dhabi's Shuweihat 2 (S2) power and water plant plans to price a project bond worth up to $825 million on Thursday, arranging banks said.
S2 is 54 per cent owned by Abu Dhabi National Energy Co (Taqa). Early price talk for the bond, which matures in 2036 was set in the 6.25 per cent area.
The deal is open to US institutional investors due to its 144a-compliant structure, and will be issued as a bond by Ruwais Power Co.
Last month, the company held a series of investor meetings ahead of a potential issue, which coincided with significant volatility in global fixed income markets.
BNP Paribas, Citigroup, HSBC Holdings , Mitsubishi UFJ Securities, National Bank of Abu Dhabi and Standard Chartered are mandated bookrunners on the transaction. - Reuters
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