Banks hired by Taqa for Benchmark Bond Sale

On Tuesday, a banker familiar with the matters of Abu Dhabi National Energy Co. said that the corporation, aka Taqa, has appointed five banks for a benchmark-sized, dollar-denominated bond sale.

The banker said that the joint bookrunners for the deal are the Morgan Stanley, BNP Paribas SA, HSBC Holdings PLC, Mitsubishi UFJ, and Standard Chartered PLC.

The banker added that by the end this week, Taqa will set terms of bond sale, which will come off Taqa's global medium-term note program.

Back in July, Taqa, which is majority-owned by the Abu Dhabi government, said it was seeking to refinance a $1 billion credit facility due next year, as soon as possible.

Zawya Dow Jones then informed, "We're looking at all options to finance it, whether by bond, or renewing the credit itself, or by using cash."

Apart from this, on Wednesday, in order to help finance investments and repay debt, Taqa also sold $1.5 billion of five and 10-year global bonds, the latest issues from a $9 billion bond program.

"The five-year tranche worth $1 billion was sold at a price of 99.451 with a yield of 4.875 percent and a coupon of 4.75 percent. The 10-year tranche worth $500 million was sold at a price of 99.201 with a yield of 6.359 percent and a coupon of 6.25 percent," said a source.

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