Vaccination drive boosts Dubai luxury home sales

Vaccination drive boosts Dubai luxury home sales
Vaccination drive boosts Dubai luxury home sales

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Jeddah - Yasmine El Tohamy - DUBAI: Abu Dhabi energy giant TAQA said it completed a $1.5 billion bond sale that will help repay outstanding debt.
The company also known as Abu Dhabi National Energy Company, said the placement comprised seven-year and 30-year dual-tranche senior unsecured notes, in a stock exchange filing on Sunday.
The seven-year notes, sized at $750 million and maturing April 2028, were issued at a coupon rate of 2 percent. The 30-year notes, also sized at $750 million and maturing April 2051, were issued at a coupon rate of 3.4 percent, it said.
“The strong demand from global credit markets and investors from around the world is a strong vote of confidence in TAQA’s strengthened financial profile as well as the company’s strategy to become a low carbon power and water champion in the UAE and beyond,” said Jasim Husain Thabet, TAQA’s group CEO.
The 30-year tranche was TAQA’s first Formosa issuance dual-listed in Taipei and London to tap into Taiwanese demand.
The order book was four times oversubscribed with strong demand from Asian investors setting the stage for further orders from MENA, Europe and the US, it said.
The issuance was arranged and offered through a syndicate of joint lead managers and bookrunners comprising Bank of China, Citi, First Abu Dhabi Bank, HSBC, Mashreq, Mizuho Securities and MUFG.
In addition to the bond issuance, TAQA offered to buy back all the $1.5 billion of outstanding corporate bonds maturing in 2021 and up to $250 million of the bonds maturing in January 2023.

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