DUBAI - State-owned Abu Dhabi Ports on Wednesday sold $1 billion in 10-year bonds after receiving more than $4.6 billion in orders for the debt sale, which it will use for general corporate purposes, a document showed.

The bonds were sold at 110 basis points (bps) over mid-swaprs, which was tightened from initial guidance of around 145 bps over mid-swaps, the document from one of the banks on the deal showed.

Citi, First Abu Dhabi Bank, Standard Chartered, HSBC, Mizuho, Societe Generale , BNP Paribas, Credit Agricole and SMBC Nikko arranged the deal.

Reuters reported on Sunday that Abu Dhabi Ports had secured a $1 billion loan from nine banks including Citi, FAB, HSBC and Standard Chartered. A source said it was also planning a bond sale. 

Abu Dhabi Ports, which is owned by the emirate's holding company ADQ, owns and operates 11 ports and terminals in the United Arab Emirates and Guinea.

Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi Ports an A+ rating last week.

Issuers in the Gulf have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year's oil price plunge.

ADQ, which sovereign wealth fund tracker Global SWF said last month was worth $110 billion, has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner.

Another ADQ subsidiary, power utility TAQA, raised $1.5 billion in a bond deal last week. Food and beverages group Agthia, also owned by ADQ, mainly used bank debt to finance its acquisition of three quarters of Egypt's Ismailia Agricultural and Industrial Investment. 

(Reporting by Yousef Saba; Editing by Christian Schmollinger and Bernadette Baum) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))