Taqa Group successfully prices $1 . 75 billion dual tranche 7 - year and 12 - year bond offering

Abu Dhabi National Energy Company PJSC (Taqa), a leading integrated utility company in Europe, the Middle East, and Africa, has successfully priced $1.75 billion in dual-tranche senior unsecured notes, with proceeds earmarked for green projects under its Green Finance Framework. The 12-year notes, valued at $850 million with a 4.75% coupon rate, mature on March 9, 2037, while the seven-year notes, worth $900 million with a 4.375% coupon rate, mature on October 9, 2031. The transaction, which received strong demand from investors, is expected to be rated Aa3 by Moody s and AA by Fitch. Taqa s second green bond issuance aims to bolster its low-carbon energy portfolio and enhance its core businesses. Since 2023, the company has secured $1.85 billion under its Green Finance Framework, accelerating the growth of its renewables portfolio and driving strategic acquisitions. Jasim Husain Thabet, Taqa s Group CEO and Managing Director, highlighted the company s ability to secure competitive financing while advancing its ESG and decarbonization agenda. Stephen Ridlington, Taqa s group CFO, emphasized the investor confidence in Taqa s financial strength and the competitive funding terms secured for future growth initiatives. The transaction documents are expected to be signed on Monday, with settlement on October 9. The offering was arranged and offered through a syndicate of joint lead managers and bookrunners, including Bank of China Limited, Barclays Bank PLC, Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, JP Morgan Securities plc, Mizuho International plc, MUFG Securities EMEA plc, and Natixis. The successful dual-tranche bond offering demonstrates Taqa s commitment to financing sustainable solutions that provide low-carbon and reliable power and water for communities and businesses while delivering long-term sustainable value for

Source: khaleejtimes.com
Published on 2024-10-06

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