Taqa in talks with banks to refinance USD1 billion
Abu Dhabi National Energy Company (Taqa), the government-owned utility that produces crude and natural gas from Canada to the UK, is studying proposals from banks to refinance USD1 billion of debt maturing in October. The company, known as Taqa, will decide in about a month whether to tap the loan or bond markets. The Abu Dhabi-based company has slashed 22% of its oil and gas jobs last year after the plunge in oil prices. It also hired investment and advisory firm Blackstone Group LP to review options for its debt obligations. (Bloomberg)
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