ADNOC Redeems $1.199 Billion in Senior Unsecured Bonds

Abu Dhabi, The Gulf Observer: Abu Dhabi National Oil Company (ADNOC) PJSC confirmed the full redemption of its US Dollar-denominated senior unsecured bonds (Exchangeable Bonds) in Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution).

ADNOC paid bondholders a total of $1.199 billion in cash on 4th June 2024, thereby retaining full ownership of the underlying ADNOC Distribution shares.

Issued in May 2021, the Exchangeable Bonds were part of an offering that included approximately 375 million shares in ADNOC Distribution. Upon the expiry of the option to settle the bond through share conversion on 4th May 2024, ADNOC chose to settle the bond in cash, repaying investors a principal amount of $1.195 billion, along with an applicable coupon amount of $4.18 million.

Following the full cash settlement, ADNOC Distribution’s free float remains unchanged at 23%, with ADNOC maintaining its 77% majority ownership.

ADNOC reaffirmed its long-term commitment to ADNOC Distribution, expressing full support for the company’s growth strategy and confidence in its value proposition for all stakeholders. ADNOC aims to maintain a stable shareholding level in ADNOC Distribution following the maturity of the Exchangeable Bonds.