ABU DHABI: Abu Dhabi National Energy Co (TAQA) has no plans to issue a bond this year, after reported meetings with investors since early June in the United States, Asia and Europe, a company executive said on Sunday.
TAQA, majority owned by the government of Abu Dhabi, held a series of presentations throughout June to update investors, with each leg organized by different banks, IFR, a unit of Thomson Reuters, reported.
"It was a non-deal road show to provide investors updates of the company," Mohamed Mubaideen, manager for investor relations at TAQA told Reuters by telephone.
"This year we don’t expect a bond issuance. The company does not require any financing at the moment."
Investor meetings are scheduled in the United Arab Emirates on June 22 in Abu Dhabi and June 23 in Dubai, organized by the National Bank of Abu Dhabi (NBAD), IFR reported.
In September, TAQA issued a $1.5 billion bond in two tranches.
Last month, the company said it has refinanced a C$1.33 billion credit facility of one of its units. TAQA operates in 13 countries, including Canada, Britain and India and its interests include power generation, desalination, upstream oil and gas and structured finance, according to the company’s website.
In May, TAQA reported a more than sevenfold surge in first-quarter profit, attributing the increase to rising oil prices year-on-year.