"ADNOC" It intends to redeem the exchangeable bonds in "ADNOC Distribution" Upon maturity in June 2024
ABU DHABI, 18 APRIL / WAM / Abu Dhabi National Oil Company “ADNOC” announced today its intention to settle its unsecured bonds denominated in US dollars (bonds exchangeable for “redeemable” shares) in Abu Dhabi National Oil Company for Distribution “ADNOC Distribution”, which has a coupon ratio of 0.70. % when it matures on June 4, 2024, where ADNOC will pay up to $1.195 billion, in addition to up to $4.18 million in interest due to meet its financial obligations.
ADNOC had issued exchangeable bonds in May 2021, with the offering of about 375 million shares in ADNOC Distribution.
The option to settle the bonds through share exchange expires on May 4, 2024. ADNOC will settle the bonds in full in cash while retaining ownership of the shares, which amount to approximately 7% of the registered capital of ADNOC Distribution. The free trading ratio for ADNOC Distribution shares will remain at 23% after redeeming the value of the exchangeable bonds.
As the majority shareholder in ADNOC Distribution, ADNOC affirms its long-term commitment to the company, fully supports its new medium-term growth strategy that was revealed recently, and believes that this step will contribute to creating additional value for all stakeholders. ADNOC will maintain a fixed shareholding level in ADNOC Distribution upon maturity of the redeemable bonds.
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