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Taqa to price $750m bond

Abu Dhabi, April 29, 2014

Abu Dhabi National Energy Co (Taqa) is due to price a $750 million bond with a 10-year lifespan on Tuesday, arranging banks said, with interest from investors covering the size of the transaction more than three times.

Order books for the deal are close to $2.5 billion, a document from lead managers said. The transaction is structured as Reg S/144a, meaning it is open to investors in the United States.

Initial price guidance has been set at 135 basis points over midswaps, the document added.

Taqa, rated A3/A, said last week it was meeting investors ahead of a possible bond issue. The transaction is being arranged by Bank of America-Merrill Lynch, Mitsubishi UFJ Securities, Royal Bank of Scotland, Societe Generale and Standard Chartered. -Reuters

Tags: Taqa | Energy | bond |

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