Abu Dhabi National Energy Co to tap bond market later this year or early 2017 to manage maturing debt
Abu Dhabi National Energy Co (TAQA) plans to return to the bond market later this year or early 2017 to manage maturing debt, its chief financial officer said on Wednesday.
TAQA, the state-owned oil explorer and power supplier, has a $750 million bond coming due in March 2017 and another $500 million bond in October 2017.
"In terms of the bond market, it is a possibility. There are maturities in March and October next year," Grant Gillon told analysts on a conference call.
In June this year, TAQA sold a $1 billion two-tranche bond to be used for general corporate purposes and to pay back a $1 billion bond maturing in October this year.
Asked by analysts if TAQA's capital expenditure guidance of 1.8 billion dirhams ($490.1 million) announced at the start of the year would remain unchanged, Gillon said it would "certainly come below" that figure."