Abu Dhabi Ports has hired banks to arrange an issuance of 10-year U.S. dollar-denominated bonds, which it will use for general corporate purposes, a presentation for investors seen by Reuters showed on Monday.
Citi, First Abu Dhabi Bank and Standard Chartered will act as joint global coordinators. HSBC, Mizuho, Societe Generale, BNP Paribas, Credit Agricole and SMBC Nikko also have roles.
The banks will arrange fixed income investor calls on Monday and Tuesday, a document from one of the banks showed. An issuance of benchmark size, generally at least $500 million, will follow, subject to market conditions.
Reuters reported on Sunday that Abu Dhabi Ports had secured a $1 billion loan from nine banks including Citi, FAB, HSBC and Standard Chartered. One source said it was also planning a bond sale.
Abu Dhabi Ports, which is owned by the emirate's holding company ADQ, owns and operates 11 ports and terminals in the United Arab Emirates and Guinea.
Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi Ports an A+ rating on Thursday.
Issuers in the Gulf have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year's oil price plunge.
(Reporting by Yousef Saba; Editing by Kirsten Donovan)
