Text size:

  • Small
  • Normal
  • Large

Taqa seeks $1bn to refinance, expand

Abu Dhabi National Energy is seeking to raise up to US$1 billion to refinance a credit facility and help fund further expansion.

Abu Dhabi National Energy (Taqa), the global oil and gas investment firm, is seeking to raise up to US$1 billion (Dh3.67bn) to refinance a credit facility and help fund further expansion. A senior company official said Tuesday Taqa might issue bonds or take out loans to raise the funds. "The company does not have any immediate financial obligations but in the meantime we are looking at different options of refinancing," said Mohammed Mubaideen, the investor relations manager at Taqa. "At some point in time before our debt is due in July 2010, we might raise finance."

State and corporate issuers in the Gulf have raised more than $15bn in bonds over the past four months, including Aldar Properties, the largest property developer in Abu Dhabi, and Mubadala Development, the emirate's strategic investment arm. The Abu Dhabi Government owns 75 per cent of Taqa, which is listed on the Abu Dhabi Securities Exchange. It has an asset base of more than $23bn with investments in power generation, water desalination, upstream oil and gas, pipelines and gas storage.

It has already invested $1.5bn this year and is looking to spend another $1.5bn over the next six to nine months as the global downturn offers more opportunities to buy assets. Taqa ended its relationship with Standard & Poor's (S&P) Ratings Services this month after the agency placed it on a negative credit watch, which Taqa said did not reflect its creditworthiness. Mr Mubaideen declined to comment on whether the S&P situation would affect future fund-raising.

It also emerged yesterday that the emirate of Ras al Khaimah may offer a coupon of between 8 per cent and 8.5 per cent on its five-year Islamic bond, a banker familiar with the deal told Bloomberg. The emirate plans to sell a "benchmark-size" issue, said the banker, who did not want to be identified before the deal was completed. Benchmark issues are usually $500 million or more. Standard Chartered and BNP Paribas are managing the sale.

The Ras al Khaimah Government sold Dh1bn of Islamic bonds in its first rated sale of the securities in May last year. * with Bloomberg skhan@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National