Abu Dhabi’s Taqa Arranges Samurai Loan in Step to Bond Refinance - Bloomberg

Abu Dhabi’s Taqa Arranges Samurai Loan in Step to Bond Refinance - Bloomberg:



"Abu Dhabi National Energy Co. took a $200 million yen-denominated loan as it makes its first step to repaying a bond due this year.



Taqa, as the state-owned power producer is known, will pay 60 basis points over the London Interbank Offered Rate for yen for the five-year loan, it said in a statement today to the Abu Dhabi stock exchange. The so-called samurai loan, of 20.4 billion yen, was arranged by Bank of Tokyo Mitsubishi UFJ Ltd. and swapped into U.S. dollars.



“This is the first part of our 2014 refinancing operation,” Chief Financial Officer Stephen Kersley said in the statement. “The Samurai loan brings in a new pool of liquidity at extremely competitive rates.”"



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