Abu Dhabi National Energy took a US$200 million yen-denominated loan as it makes its first step to repaying a bond due this year.
Taqa, as the state-owned power producer is known, will pay 60 basis points over the London Interbank Offered Rate for yen for the five-year loan, it said in a statement yesterday to the Abu Dhabi Securities Exchange.
The samurai loan, of ¥20.4 billion (Dh720m), was arranged by Bank of Tokyo Mitsubishi and swapped into US dollars. “This is the first part of our 2014 refinancing operation,” the chief financial officer Stephen Kersley said. “The Samurai loan brings in a new pool of liquidity at extremely competitive rates.”
Taqa, which produces power, crude oil and natural gas from Canada to North Africa and helps generate most of the electricity in the UAE, has a $1.2bn bond maturing in September. It will take “favourable opportunities” to manage borrowings, Mr Kersley said on an earnings conference call on March 25. Taqa will probably sell $1bn in bonds in the period between the March results announcement and the start of the European summer, Michael Ridley, a credit strategist at Mizuho Financial, said yesterday.
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
HIJRA
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Director: Shahad Ameen
Rating: 3/5
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UAE currency: the story behind the money in your pockets
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
