2024-04-18 11:00:53
Abu Dhabi National Oil Company “ADNOC” announced on Thursday its intention to settle its US dollar denominated unsecured bonds (bonds exchangeable for “callable” shares) in Abu Dhabi National Oil Company for Distribution “ADNOC Distribution”, which have a coupon rate of 0.70 percent at maturity June 4, 2024.
The company said in a statement it would pay up to $1.195 billion, plus $4.18 million in accrued interest, to meet its financial obligations.
And it was “ADNOCThe exchangeable bonds were issued in May 2021, with the offering of approximately 375 million shares of ADNOC Distribution.
Settlement option expires Obligations Through the share exchange on May 4, 2024, ADNOC will fully settle the obligations in cash while retaining ownership of the shares, which represent approximately 7% of the company’s share capital.Distribution ADNOCThe free trading rate of ADNOC Distribution shares will remain at 23 percent after redemption of the value of the exchangeable bonds.
As the majority shareholder of ADNOC Distribution, ADNOC affirms its long-term commitment to the business, fully supports its recently revealed new medium-term growth strategy and believes that this step will help create additional value for all. stakeholders. ADNOC will maintain a fixed level of participation in ADNOC Distribution upon maturity of the redeemable bonds.
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