Abu Dhabi National Energy Company (TAQA) has announced it has successfully completed a US$215 million issuance, as part of its $1.16 billion (MYR3.5 billion) Sukuk programme established in November 2011.
The issue saw strong interest from a well-diversified group of top Malaysian asset management companies and quality Islamic investors. Against an overwhelming demand, TAQA priced an additional MYR150 million and accordingly upsized the issue to MYR650 million.
The 10 year Sukuk has been raised with a profit rate of 4.65% with a full swapped rate to US dollars of 5.3%.
TAQA is the first non-financial institution in the MENA Region to complete a Ringgit Sukuk issuance.
Standard Chartered Saadiq Berhad, acted as the Lead Arranger in this transaction.
Stephen Kersley, Chief Financial Officer, said: “This successful transaction opens up a new market and debt structure for TAQA. The significant demand, attractive pricing and speed of turnaround from the Malaysian market, enhances our future financing flexibility and underlines the confidence of global markets in our business”
