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Taqa raises $1.5bn in bonds as order book hits $15bn

Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering WAM
Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering

Abu Dhabi National Energy Company (Taqa) has raised a combined $1.5 billion in five-year and 10-year dual-tranche senior unsecured notes.

The 10-year bonds, sized at $1 billion, were issued at a coupon rate of 4.696 percent, reported state-run WAM news agency, citing a company statement.

The net proceeds from Taqa’s first green bond issuance will be used to finance, refinance and invest in relevant eligible green projects in line with the Abu Dhabi-listed company’s green finance framework. The credit notes will mature on April 24, 2033.

The five-year conventional bonds worth $500 million will mature on January 24,  2029, and were issued at a coupon rate of 4.375 percent. The proceeds from these bonds will be used for general corporate purposes.

The final order book reached $15 billion, almost 10 times oversubscribed, with strong demand from domestic, regional and international investors.

The notes are expected to be rated‘Aa3 by Moody’s and AA- by Fitch, the statement said.

Taqa’s group CEO Jasim Husain Thabet said the company had achieved competitive funding through its latest bond offering, which has garnered significant interest from investors across multiple capital markets.

In September 2022, Abu Dhabi’s investment and holding company ADQ entered into an agreement to monetise an 8.6 percent stake in Taqa to Multiply Group, Abu Dhabi Pension Fund and other prominent investors, WAM reported.

Taqa has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.

The integrated oil firm operates in 11 countries and has recently taken a controlling stake in Masdar’s renewable business, along with Adnoc and Mubadala, targeting more than 50 gigawatts of capacity by 2030.

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