November 29, 2012 / 4:11 AM / 5 years ago

Abu Dhabi's TAQA picks banks for potential bond sale -lead arrangers

DUBAI, Nov 29 (Reuters) - Abu Dhabi National Energy Co (TAQA), the state-owned firm which is 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, lead arrangers said.

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.

A potential benchmark-size dollar-denominated bond may follow after investor meetings, a document from lead arrangers said on Thursday.

Benchmark-size offerings are typically at least $500 million in size.

On Wednesday, TAQA said it was buying some of BP’s North Sea assets for over $1.3 billion.

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