Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADNOC Raises USD 1.64 Billion Through Issuance of Exchangeable Bonds

Abu Dhabi National Oil Company (“ADNOC”), announced today the successful closing of its offering of approximately 375 million shares in ADNOC Distribution (the “Share Offering”), representing approximately 3% of the registered share capital of ADNOC Distribution. It also issued approximately USD 1.195 billion of senior unsecured bonds (the “Exchangeable Bonds”) due 2024 that are exchangeable into existing shares of ADNOC Distribution constituting approximately 7% of the registered share capital of ADNOC Distribution (ISIN: AEA006101017) (ADX Symbol: ADNOCDIST) under certain conditions (the “Exchangeable Bond Offering” and, together with the Share Offering, the “Combined Offering”). In total, the Combined Offering resulted in proceeds of USD 1.64 billion for ADNOC.


Following a successful bookbuilding process, the Combined Offering was placed at a blended price of AED 4.82 per share, which is 5.7% above the current 3-month volume weighted average share price and less than 1% below today’s closing price of AED 4.85. The Combined Offering was covered in less than one hour, and saw significant demand from regional and international investors.


The Exchangeable Bonds, with a maturity date of 2024 (except in the case of early redemption), are denominated in US Dollars (USD) and bear a coupon of 0.70%. The Exchangeable Bonds are issued at an issue price of 100% and will be exchangeable into existing shares of ADNOC Distribution at an exchange price of AED 5.01 (USD 1.37) under certain conditions.


The innovative deal structure has the potential to increase the free float of ADNOC Distribution to 30% assuming the Exchangeable Bonds are exchanged and settled in shares, bringing greater liquidity to ADNOC Distribution shares and diversifying the shareholder base, while the blended price of the Share Offering and the Exchangeable Bond Offering improves the overall value of the sell down to ADNOC Group, and the UAE. Following the transaction, ADNOC will retain at least a 70% strategic stake in the company as it continues to see significant growth potential in ADNOC Distribution.


Information Source: Read Full Release ..–>


#FOLLOW US ON INSTAGRAM