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Acwa Power mandates banks for investor meetings ahead of potential bond

November 22, 2016 2:41 pm


* Firm has mandated banks to arrange investor meetings ahead of a potential US dollar bond issue

* Company is considering issuing a senior secured 144A/Reg S bond of benchmark size

* Proceeds from sale will be used for prepayment of existing equity bridge and subordinated loan facilities

Saudi Arabia’s ACWA Power has mandated banks to arrange investor meetings ahead of a potential US dollar bond issue, according to a document sent by the energy company to investors and seen by Reuters.

Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered Bank will arrange fixed-income investor meetings in Asia, Europe and the United States starting from Nov. 24, the document said.

Bond details

The company is considering issuing a senior secured 144A/Reg S bond of benchmark size, which traditionally means upwards of $500 million.

Two teams of ACWA’s representatives will meet investors from Nov. 24 to Dec. 1.

The proceeds from the potential debt sale will be used for the prepayment of certain existing equity bridge and subordinated loan facilities, and for general corporate purposes of the ACWA Power Group, the document states.

ACWA Power has interests in a portfolio of nine power generation and water desalination plants in Saudi Arabia.

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By Reuters
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