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TAQA secures final installment of combined $6 billion financing
Allen & Overy LLP said on Tuesday that the signing of the last of a series of three multi-billion US dollar financings for Abu Dhabi National Energy Company PJSC (TAQA), totaling $6 billion, shuns the current uneasy global market conditions.
- Staff Report
- Published: 23:59 August 12, 2008
Abu Dhabi: Allen & Overy LLP said on Tuesday that the signing of the last of a series of three multi-billion US dollar financings for Abu Dhabi National Energy Company PJSC (TAQA), totaling $6 billion, shuns the current uneasy global market conditions.
Founded in 2005, TAQA is a global energy company with a growing asset base, which exceeds Dh86 billion ($23 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange, TAQA is a flagship corporation for the Government of Abu Dhabi.
The financings representing a $1.5 billion senior note issuance, a Dh4.15 billion convertible bond offering, and a $3.15 billion revolving credit facility will be used for general corporate purposes and the repayment of existing facilities.
Despite the current market flux, the $3.15 billion revolving facility saw a syndicate participation of 16 regional and international financial institutions.
TAQA CEO Peter Barker-Homek said, "The Corporate Finance/Securities Team at Allen & Overy in Abu Dhabi has both the detailed legal, regulatory and industry knowledge and the broad practical experience which TAQA needs to make sound choices. As a group, the A&O team, led by Francois Duquette, worked with TAQA's team to develop and implement practical, legal and timely solutions, which met TAQA's real-world objectives. This intelligent approach helped TAQA make sound business decisions without incurring unnecessary risk. Given the time-sensitive nature of corporate finance/securities matters, Allen & Overy ensured open, clear lines of communication and responded to TAQA as well as regulator enquiries in a timely manner. In the space of six weeks TAQA, was able to flawlessly issue a convertible bond; conventional bond and revolving credit facility."
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