Abu Dhabi National Energy Co (TAQA) raised $215 million from the sale of a Malaysian ringgit-denominated Islamic bond, or sukuk, it said on Sunday, as part of plans by the state-run oil and gas utility to diversify its funding sources.
The ten-year sukuk carried a 4.65 percent profit rate with a full swapped rate to U.S. dollars of 5.3 percent, the company, which owns assets in Canada and Europe, said in a statement.
TAQA, which is 75 percent owned by the government of Abu Dhabi, upsized the bond from 500 million to 650 million ringgits, due to strong investor demand from Malaysian asset management companies and Islamic investors, the company said.
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