Taqa seeks $3bn loan to refinance maturing debt | The National:
"Abu Dhabi National Energy Company, known as Taqa, is seeking to raise US$3 billion to refinance some of its maturing debt, according to banks involved in the deal.
The company, which primarily focuses on energy investments outside of the UAE, has been struggling under the weight of a heavy debt load at a time when its asset base has been weakened by write-offs related to bad investments and lower oil and gas prices. Moody’s Investors Service, which this week downgraded Taqa’s “baseline credit assessment”, noted that Taqa was “thinly capitalised relative to its reported debt of Dh74.4 billion and relative to its cash flows”.
The Moody’s analyst Julien Haddad said that about Dh2.2bn of Taqa’s outstanding bank loans were maturing in the next 12 months. More than $2bn worth of bonds will also come due before the end of 2017."
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