TAQA denies US$1 billion refinancing plan
Utilities and energy company says no refinancing required until 2010
The Abu Dhabi National Energy Company (TAQA), has released a statement denying reports that the company is not look to raise finance through a bond issue.
The issue of the clarifications came after a report released on Reuters said that the state-owned company was holding talks with several interested parties regarding a US$1 billion bond issue.
The report said that a source had disclosed that the money would be used to pay off a credit facility in 2010.
TAQA’s statement also confirmed that the company has no refinancing requirement until the middle of 2010.