Wednesday, Mar 13, 2013
DUBAI (Zawya Dow Jones)--Abu Dhabi National Energy Co. (TAQA.AD) plans to issue an $800 million project bond in the second quarter of this year to refinance part of the bank debt linked to the Shuweihat power and water plant, the firm's chief financial officer said on Wednesday.
"It will be sometime in the second quarter. We are in discussions with the banks, in particular with Japan Bank for International Cooperation, JBIC, around how to restructure the intercreditor arrangements," Stephen Kersley said on a conference call with reporters. "We're ready to go. We just have to get through the final pieces of the negotiation with the lender group which we're hopeful we will in the next few weeks and then you can expect to see us in the market."
The company better known as Taqa holds a majority stake in Shuweihat S2, an independent power generation and water desalination project in Abu Dhabi, which started operations in 2011 and has 1,510 megawatts in power capacity.
In 2009, the project's stakeholders obtained $2.7 billion in funding, which included a $1.1 billion loan from JBIC. The rest of the debt was arranged by a group of commercial lenders including HSBC Holdings Plc, BNP Paribas SA, and Standard Chartered Plc and other lenders.
Earlier Wednesday, Taqa said its board of directors has recommended a dividend of 10 UAE fils a share for 2012.
Write to Summer Said at summer.said@dowjones.com
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(END) Dow Jones Newswires
13-03-13 0751GMT
