New Issue: Abu Dhabi's Ruwais Power prices $825 million 6% notes due 2036 at par

By Christine Van Dusen

Atlanta, July 26 - Abu Dhabi-based Ruwais Power Co. - a consortium led by Abu Dhabi National Energy Co. (TAQA) - priced $825 million 6% notes due Aug. 31, 2036 (expected ratings: A3/A-/) at par to yield 6%, or Treasuries plus 233.3 basis points, a market source said.

BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ, National Bank of Abu Dhabi and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The proceeds will be used to finance the Shuweihat 2 independent water and power project.

Issuer:	Ruwais Power Co.
Amount:	$825 million
Maturity:	Aug. 31, 2036
Description:	Notes
Bookrunners:	BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ, National Bank of Abu Dhabi, Standard Chartered Bank
Coupon:	6%
Price:	Par
Yield:	6%
Spread:	Treasuries plus 233.3 bps
Trade date:	July 26
Settlement date:	Aug. 6
Expected ratings:	Moody's: A3
	Standard & Poor's: A-
Distribution:	Regulation S

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