DUBAI: Abu Dhabi National Energy Co (Taqa), the state-owned energy and utility firm, plans to issue an $800m bond next month to refinance a power and water plant.
Proceeds from the bond sale will be used to refinance bank debt linked to the Shuweihat S2 power plant, TAQA’s Chief Financial Officer Stephen Kersley, told The National newspaper.
“We expect to get a deal to market some time in March. It could be a $800m deal,” Kersley said. “The market seems very enthusiastic to receive our paper and we expect a lot of interest as it is a landmark deal for the region.” Sources told Reuters in September that a bond, part of a $2.2bn refinancing plan, was expected in 2012, with a final decision on timing dependent on the issuer obtaining a credit rating. Reuters
