Abu Dhabi National Energy Co (TAQA) is preparing to price a two-tranche dollar-denominated bond issue, maturing 2018 and 2023, after roadshows conclude on Tuesday, arranging banks said.
TAQA, which is 75-percent owned by the Abu Dhabi government, joins Gulf International Bank in pricing new issues as regional borrowers line up to get deals away before investors close books for the year.
TAQA, which is buying a number of BP's North Sea assets, said last week it had hired banks to arrange investor meetings ahead of a benchmark-sized issue, typically at least $500 million.
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