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)
By Reuters
Thu 17 Apr 2014 11:58 AM

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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