The Abu Dhabi National Energy Company (TAQA) announced the launch of private bonds worth 1.08 billion Emirati dirhams, equivalent to about $ 294 million.
The company said in a statement to Abu Dhabi Market today, Thursday, that the offering took place after Energy Morocco, a subsidiary of the UAE Energy Authority, finished issuing a bond package through a private placement.
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and TAQA stated that the bond offering has witnessed a high turnout by qualified investors, explaining that the offering will give it the opportunity to strengthen the capital structure and secure more value for its shareholders.
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The company indicated in the statement that the issuance resulted in a reduction in the cost of debt by more than 20%, and an extension of the debt history by a year until March of 2038.
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It is noteworthy that the announcement of this issue after granting Energy Morocco the choice to extend the power purchase agreement between it and the National Office of Electricity and Drinking Water in the Kingdom of Morocco for an additional 17 years , Thus enhancing the value by extending the debt repayment period.
(Amazon Fun Knowledge)
