TAQA completes successful issuance of MYR650 million Sukuk

Press release

Published February 26th, 2012 - 08:16 GMT

Al Bawaba

Abu Dhabi National Energy Company (TAQA), the global integrated energy company, today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its 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”.

Background Information

Abu Dhabi National Energy Company

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the 6^th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.