Dubai: Abu Dhabi National Oil Company (ADNOC) today announced that it intends to settle its US dollar-denominated senior unsecured bonds (exchangeable bonds) in Abu Dhabi National through a cash payment. Oil company PJSC (ADNOC Distribution) for distribution, which offers a coupon of 0.70 per cent on maturity on June 4, 2024. Fulfilling its financial obligations, ADNOC will pay up to US$1.195 billion, plus up to US$4.18 million in applicable interest. ADNOC issued exchangeable bonds in May 2021, with an offering of approximately 375 million shares in ADNOC Distribution. The option to dispose of the bonds through share conversion will expire on May 4, 2024.
ADNOC will settle the bonds in full in cash and retain ownership of the underlying shares, which represent approximately 7 percent of ADNOC Distribution’s registered share capital. Following the redemption of exchangeable bonds, ADNOC Distribution’s free float will stand at 23 per cent. As the majority shareholder in ADNOC Distribution, ADNOC reiterates its long-term commitment to the Company, fully supports the recently unveiled new medium-term growth strategy and strongly believes it will create added value for all stakeholders. will be. ADNOC will maintain a stable shareholding level in ADNOC Distribution upon maturity of the exchangeable bonds. (ANI/WAM)
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2024-04-19 06:06:45