Abu Dhabi National Energy Company, Taqa, has announced that it has finalised the issuance of $500 million in bonds, Zawya reported.

The 30-year bonds will carry a coupon and re-offer yield to maturity of 4%, which is due in October 2049.

”The proceeds of the offering will be used for the repayment of other outstanding debt,” the statement added.

According to Reuters, the bonds received $4.5 billion in demand, where Taqa hired BNP Paribas, First Abu Dhabi Bank, JP Morgan, Societe Generale, and Standard Chartered Bank to arrange the deal.

Taqa Atrush, an Iraqi subsidiary of Taqa, produced in August 2019 one million barrels of oil at its site in the Kurdistan region for the first time since its onset operations in July 2017.

The firm attributed its July 2019 milestone to new wells coming on stream and the impact of debottlenecking work over the past few months, which increased the capacity of volumes handled by the facility.