Abu Dhabi’s TAQA prices capped tender offer for 3 5/8% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, May 6 – Abu Dhabi National Energy Co. PJSC (TAQA) announced the pricing of its cash tender offer for up to $250 million of 3 5/8% notes due January 2023 (Cusip: 00386SAL6), according to a press release on Thursday.

For each $1,000 principal amount of notes, the company will pay a total consideration of $1,053.66, which was set using the 0.125% U.S. Treasury note due March 31, 2023 plus 25 basis points.

The total consideration includes a $30 early tender premium that will be paid only to holders who tender by 5 p.m. ET on May 6.

The offer will expire at 5 p.m. ET on May 20. It was announced on April 19.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), MUFG Securities EMEA plc (+44 20 7577 4218, 1 877 744-4532, 212 405-7481, DCM-LM@int.sc.mufg.jp) and SMBC Nikko Capital Markets Ltd. (+44 20 3527 7545, LM.EMEA@smbcnikko-cm.com) are the joint dealer managers for the tender offer.

Lucid Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, taqa@lucid-is.com, https://deals.lucid-is.com/taqa).

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

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