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.
 

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