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Thu 17 Apr 2014 11:58 AM

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Abu Dhabi's TAQA signs Yen loan to help repay upcoming debt

Funds to be used to refinance a portion of a $1.2bn bond due to mature in September

Abu Dhabi's TAQA signs Yen loan to help repay upcoming debt
(Bloomberg Images)

Abu Dhabi National Energy Co (TAQA) said on Thursday it had signed a 20.5bn yen ($200.4m) loan with Bank of Tokyo-Mitsubishi which would be used to refinance an existing obligation.

The majority state-owned energy firm said it had swapped the loan, priced at 60 basis points over Japanese Libor, into US dollars and would use the funds to refinance a portion of a $1.2bn bond which is due to mature in September.

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