New Issue: Abu Dhabi’s TAQA sells $1.5 billion of notes due 2028, 2051

By Cristal Cody

Chicago, April 20 – Abu Dhabi National Energy Co. PJSC (TAQA) sold $1.5 billion of notes in two parts on Tuesday, according to a market source.

The company sold $750 million of 2% notes due April 29, 2028 at a spread of Treasuries plus 80 basis points, lower than talk in the Treasuries plus 110 bps area.

Additionally, the energy company sold $750 million of 3.4% notes due April 29, 2051 with a Treasuries plus 113.4 spread. The tranche came lower than talk in the 3¾% area.

Citigroup and HSBC are global coordinators. They are also joint lead managers along with five other underwriters.

The government-controlled energy holding company has operations in power generation, water desalination, upstream oil and gas, and gas pipelines.

Issuer:	Abu Dhabi National Energy Co. PJSC (TAQA)
Issue:	Notes
Amount:	$1.5 billion
Bookrunners:	Citigroup Global Markets Ltd., HSBC Bank plc, Bank of China Ltd., London Branch, First Abu Dhabi Bank PJSC, Mashreqbank psc, Mizuho International plc and MUFG Securities EMEA plc
Trade date:	April 20
Settlement date:	April 29
Ratings:	Moody’s: Aa3
	Fitch: AA-
Distribution:	Rule 144A and Regulation S
2028 notes
Issue:	Notes
Amount:	$750 million
Maturity:	April 29, 2028
Coupon:	2%
Price:	99.799
Yield:	2.031%
Spread:	Treasuries plus 80 bps
Price talk:	Treasuries plus 110 bps area
2051 notes
Issue:	Notes
Amount:	$750 million
Maturity:	April 29, 2051
Coupon:	3.4%
Price:	Par
Yield:	3.4%
Spread:	Treasuries plus 113.4 bps
Price talk:	3¾% area

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