Taqa to seek debt refinance abroad

The roadshow is scheduled to start in Hong Kong, then Singapore, after which it goes to the financial centres in Europe and the US.

Abu Dhabi National Energy Company will this week start doing the rounds of potential bond investors as it seeks to refinance a maturing portion of its large debt load.

The company, which is known as Taqa, announced through the Abu Dhabi Stock Exchange that it would start making presentations to investors this week.

Taqa, a majority government-owned utility with overseas oil, gas and power interests, said it could not confirm its bank syndicate for the bond issue, the “roadshow” schedule or the amount.

But reports said BNP Paribas, Citibank, FGB, HSBC, National Bank of Abu Dhabi and SG CIB are the lead banks for the deal.

The roadshow is scheduled to start in Hong Kong today, then Singapore tomorrow, after which it goes to the financial centres in Europe and the United States.

Taqa said its interest-bearing debt stood at Dh64 billion at the end of the first quarter, down from Dh67bn at the end of last year.

Company executives have said they would go to the market to refinance a portion of that debt – US$800 million that matures next year.

The chief financial officer, Grant Gillon, told investors that Taqa had received “a very positive response from the bank market, bond market and private placement market, so we have a number of options in front of us”.

Its shares closed 5.26 per cent higher yesterday at 60 fils.

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