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Taqa weighs bond amid board shuffle [National, The (United Arab Emirates)](National, The (United Arab Emirates) Via Acquire Media NewsEdge) Abu Dhabi National Energy, known as Taqa, is due to launch meetings today with overseas investors for a prospective US dollar-denominated bond as its leadership changes guard. Abdulla Al Nuaimi, the former chief of Abu Dhabi Water & Electricity Authority who oversaw the recruitment of international investors to build the emirate's power and water projects, left the board and will no longer serve as executive vice chairman. He was replaced as director general of Adwea earlier this year. Leadership at the local utilities owner and international oil and gas investor is in transition, with four new board members voted in on Tuesday, and a new chief executive appointed in February. Ed LaFehr, who replaces Carl Sheldon, is due to announce details of a "simplified" restructuring later this month. The new chairman, Saeed Mubarak Al Hajeri, is an executive director at Abu Dhabi Investment Authority. The preparations for a new bond come during the same month that Taqa secured a $200 million samurai loan to pay off part of a $1.2bn bond maturing in September. Taqa hopes to tap Japan again thanks to ample liquidity brought on by "accommodating government policy". Bank of America Merrill Lynch, Mistubishi, Société Générale, Standard Chartered and RBS are arranging talks with fixed-income investors around the world. [email protected] (c) 2014 s Abu Dhabi Media Company, All rights reserved. Provided by Syndigate.info, an Albawaba.com company |