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Abu Dhabi’s TAQA capped tender offer fully subscribed by early date
Chicago, May 7 – Abu Dhabi National Energy Co. PJSC (TAQA) has received tenders for more than the $250 million of notes the company was offering to buy from its series of 3 5/8% notes due January 2023 (Cusip: 00386SAL6), according to a press release on Friday.
The company has applied a proration factor of 72.8391% to the tenders received and maintained the $250 million cap.
The early tender deadline was 5 p.m. ET on May 6.
Previously reported, pricing took place on Thursday morning and the company determined that it would pay $1,053.66 for each $1,000 principal amount of notes, determined using the 0.125% U.S. Treasury note due March 31, 2023 plus 25 basis points.
The total consideration includes a $30 early tender premium that will be paid only to holders who tendered by the early deadline.
The offer will technically expire at 5 p.m. ET on May 20; however, because the offer has been oversubscribed, no more notes will be accepted for purchase.
The tender offer launched on April 19.
BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), MUFG Securities EMEA plc (+44 20 7577 4218, 1 877 744-4532, 212 405-7481, DCM-LM@int.sc.mufg.jp) and SMBC Nikko Capital Markets Ltd. (+44 20 3527 7545, LM.EMEA@smbcnikko-cm.com) are the joint dealer managers for the tender offer.
Lucid Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, taqa@lucid-is.com, https://deals.lucid-is.com/taqa).
The government-controlled energy holding company has operations in power generation, water desalination, upstream oil and gas and gas pipelines.
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