Abu Dhabi-Mubasher: Abu Dhabi National Energy Company (TAQA) finalised the issuance of $500 million senior notes due in June 2021, with a 4.375% interest rate, according to a statement.

The energy distribution company also issued $500 million senior notes due in June 2026, with a 4.375% interest rate.

The proceeds of this issuance will be used to repay the $1 billion bond maturing in October, the statement said, adding that the lower interest rates will cut TAQA’s corporate financing costs.

By 12:25pm UAE time, TAQA's index declined 1.75% after generating AED 13,996 from the exchange of 24,990 shares.