Abu Dhabi’s Taqa Arranges Samurai Loan in Step to Bond Refinance
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Abu Dhabi National Energy Co. took a $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 today to the Abu Dhabi stock exchange. The so-called samurai loan, of 20.4 billion yen, was arranged by Bank of Tokyo Mitsubishi UFJ Ltd. and swapped into U.S. dollars.