Taqa tender offer for $1.5bn bond

Abu Dhabi National Energy Co (Taqa) has launched a tender offer for its $1.5 billion bond maturing 2012 and mandated four banks for a new bond issue to partly refinance the existing debt maturity.

Taqa, which is 75 per cent owned by the government of Abu Dhabi, has picked Bank of America, RBS, Standard Chartered and Mitsubishi UFJ to arrange investor meetings in Asia, London and the US after which the company may issue a bond under its global medium term notes programme, "subject to market conditions."

Roadshows kick off in Hong Kong on November 24 and conclude in Boston on November 30, arranging banks said in an announcement, seen by Reuters.