Taqa issues 2 bonds to raise $1.5b, repay debt

Abu Dhabi National Energy Company (Taqa) said yesterday it has issued two bonds of 5-year and 10-year maturity to raise $1.5 billion (Dh5.5 billion). "Taqa has finalised the issuance of $750 million, 4.125 per cent senior notes due in March 2017 and $750 million of 5.875 per cent senior notes due in December 2021," Taqa said in a mandatory filing to the Abu Dhabi Securities Exchange, where its shares are listed. It added: "The proceeds of the offering, net of applicable expenses, will be used to repay borrowings under our credit agreement and for general corporate purposes." "The bonds have been allocated to the investors this morning according to the order book," Mohammad Mubaideen, Investor Relations Manager at Taqa, said.