By Aaron Hochman-Zimmerman
New York, July 24 - Abu Dhabi National Energy Co., known as Taqa, (Aa2/AA-) priced $1.5 billion over two senior unsecured tranches each at a spread of Treasuries plus 325 basis points, according to a market source.
The $1 billion 6.6% five-year notes came at 99.941 to yield 6.614% and matched their talk for a spread in the Treasuries plus 325 bps area.
The $500 million 7¼% 10-year notes came at 99.845 to yield 7.272% and also matched their talk for a spread in the Treasuries plus 325 bps area.
The 30-year notes, which were talked in the Treasuries plus 340 bps area, were cut from the deal. No overall size was given when the deal was announced.
Barclays, National Bank of Abu Dhabi and RBS are bookrunners for the Rule 144A and Regulation S offer.
Proceeds from the sale will be used to refinance outstanding debt.
The notes come from a $9 billion medium-term note program.
Taqa is an Abu Dhabi-based energy firm.
| Issuer: | Abu Dhabi National Energy Co.
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays, National Bank of Abu Dhabi, RBS
|
| Pricing date: | July 24
|
| Settlement date: | July 31
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Five-year notes
|
| Issue: | Senior unsecured notes
|
| Amount: | $1 billion
|
| Maturity: | August 1, 2013
|
| Coupon: | 6.6%
|
| Price: | 99.941
|
| Yield: | 6.614%
|
| Spread: | Treasuries plus 325 bps
|
| Price talk: | Treasuries plus 325 bps area
|
|
|
| Ten-year notes
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | August 1, 2018
|
| Coupon: | 7¼%
|
| Price: | 99.845
|
| Yield: | 7.272%
|
| Spread: | Treasuries plus 325 bps
|
| Price talk: | Treasuries plus 325 bps area
|
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