Abu Dhabi National Energy Company (Taqa) finalised the issuance of 30-year bonds worth $500 million (Dh1.8 billion), the company said in a statement on Abu Dhabi Securities Exchange. The bonds will carry a coupon and re-offer yield to maturity of 4 per cent.
“The proceeds of the offering will be used for the repayment of other outstanding debt,” the company said.
Taqa hired BNP Paribas, First Abu Dhabi Bank, JPMorgan, MUFG, Societe Generale and Standard Chartered Bank to arrange the deal, according to a report by Reuters.
The deal comes amid a flurry of international debt issuance from the Gulf region, as governments and companies take advantage of low global rates to raise cash after the US Federal Reserve cut rates again this month.
In the second quarter, Taqa’s profit surged 24 per cent as revenue climbed on higher oil and gas production. Profit attributable to shareholders reached Dh208m in the three months ending June 30, while quarterly revenue climbed 9 per cent to Dh4.66bn year-on-year.
Liquidity as of June 30 remained at Dh12.8bn, including Dh2.6bn in cash and cash equivalents, and Dh10.2bn of undrawn credit facilities, according to Taqa. Debt stood at Dh64.5bn.
In July Moody's Investors Service affirmed Taqa's long-term issuer rating and upgraded the state-controlled oil and gas investment company's baseline credit assessment (BCA) on improved operational performance.
The ratings agency affirmed an A3 long-term issuer rating with a stable outlook, reflecting expectations that Taqa will continue to benefit from state support, Moody's said. It also upgraded Taqa's BCA by a notch to B1 from B2.
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Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
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Sun Mar 18 – Ireland v Scotland
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Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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126: The length in metres of the legs supporting the structure
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