Abu Dhabi National Oil Company (ADNOC) announced the full redemption of its unsecured dollar-denominated bonds, convertible bonds into convertible shares in Abu Dhabi National Oil Company for Distribution (ADNOC Distribution).
ADNOC paid a total of $1.199 billion in cash to the bondholders on June 4, 2024, to retain ownership of shares in ADNOC Distribution.
ADNOC issued the convertible bonds in May 2021, offering approximately 375 million shares in ADNOC Distribution. With the expiry of the option to settle the bonds through share exchange on May 4, 2024, ADNOC settled the bonds in cash by paying investors the principal amount of $1.195 billion, in addition to the applied coupon of $4.18 million.
Following the settlement of the bonds in full in cash, ADNOC Distribution’s free float remained unchanged at 23 percent, with ADNOC retaining its majority ownership of the shares at 77 percent.
ADNOC affirms its long-term commitment to ADNOC Distribution, fully supports its growth strategy, and believes in the value it delivers to all stakeholders.
ADNOC aims to maintain a stable shareholding in ADNOC Distribution after the maturity of the convertible bonds.
