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Abu Dhabi's TAQA issues 10-year $750mn bond

Money will help repay debts due in September.

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TAQA invests in energy assets around the world.
TAQA invests in energy assets around the world.

Abu Dhabi National Energy Company (TAQA), a government fund that invests in energy assets, has issued a 10-year US $750 million bond.

The proceeds of the offering will be used to repay part of the $1.2bn of bonds scheduled to mature in September 2014.

The bond, priced at 3.875%, was part of a refinancing programme executed by TAQA, which also included the issuance of a $200mn five-year term loan to the Japanese Samurai market and a €180m ($138mn) 10-year private placement note.

In March TAQA announced a net loss of $680.6mn (AED 2.5bn) for 2013 as a result of a one-off, non-cash impairment related to the value of the company’s North American oil and gas assets.

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