Abu Dhabi National Oil Company (ADNOC) redeemed in full its US Dollar-denominated senior unsecured bonds (exchangeable bonds) in ADNOC Distribution, it was announced on Monday.
According to the statement, ADNOC paid bondholders a total amount of $1.19 billion in cash on June 4, 2024, retaining full ownership of the underlying ADNOC Distribution shares.
The exchangeable bonds were issued in May 2021, together with the offering of some 375 million shares in ADNOC Distribution.
“Upon the expiry of the option to settle the bond through share conversion on May 4, 2024, ADNOC has settled the bond in cash, having repaid investors a principal amount of $1.19 billion, along with an applicable coupon amount of $4.18 million,” the statement read.
Following the full cash settlement, ADNOC Distribution’s free float remains unchanged at 23%, with ADNOC retaining its 77% majority ownership.
ADNOC targets to maintain a stable shareholding level in ADNOC Distribution following the maturity of the exchangeable bonds.
