* Roadshows take place on Dec 3 and 4
* Citi, HSBC, BNP Paribas, NBAD and StanChart to arrange
* Company seeks to raise at least $500 mln from sale
(Adds roadshow details)
ABU DHABI, Nov 29 Abu Dhabi National Energy Co
(TAQA), the state-owned firm buying a number of BP's
North Sea assets, has hired five banks to arrange
investor meetings ahead of a potential benchmark-size bond sale,
the banks said in a document.
TAQA, in which the Abu Dhabi government owns a majority
stake, picked BNP Paribas, Citigroup Inc, HSBC
Holdings, National Bank of Abu Dhabi and
Standard Chartered Plc to arrange investor meetings in
Asia, London, and the United States.
Meetings are scheduled for December 3 and 4, and will be
conducted by two separate teams, in London, Singapore, New York
and Hong Kong over those days.
A potential benchmark-size dollar-denominated bond may
follow "subject to market conditions", the document said.
TAQA declined to comment on specific details of the
potential bond but published a bourse statement announcing
investor meeting plans.
Benchmark-size offerings are typically at least $500 million
On Wednesday, TAQA said it was buying some of BP's
North Sea assets for over $1.3 billion.
TAQA is a frequent bond issuer and familiar to international
investors, in part due to its global profile. At the end of the
third quarter, it had a cash position of 3.5 billion dirhams
($950 million) as well as 14.8 billion dirhams ($4 billion)
worth of unused credit facilities.
The company has $1.75 billion in bond maturities next year.
It last tapped markets for a dollar-denominated issue in
December last year with a $1.5 billion two-tranche bond to
refinance debt, a liability management move which was
appreciated by investors at the time.
The bonds have rallied strongly this year. The 10-year
tranche, a $750 million, 5.875 percent bond, was bid at 118.7
cents on the dollar to yield 3.4 percent on Thursday.
(Reporting by Rachna Uppal and Stanley Carvalho; Writing by
Dinesh Nair; Editing by Muralikumar Anantharaman)