ADNOC L&S issues up to $2 billion Hybrid Capital Instrument

According to Amac News: Based on ADNOC L&S announcement, the initial amount that will be withdrawn from HCI will be $1.1 billion and the remaining $900 million will be available until December 31, 2026.
Approximately $1.0 billion of this facility will be used to finance the acquisition of Navig8, with the remainder available to finance new or announced value-added investments.
The first withdrawal from HCI will be at a cost price of less than SOFR+150bps and is refundable if required by ADNOC L&S.
ADNOC L&S has committed more than $5 billion (AED 18.4 billion) in growth investments since its initial public offering (IPO) in June 2023, delivering on its commitment to the transformational growth strategy announced at the IPO.
The target ratio of net debt to EBITDA at the time of IPO is about 2.0 to 2.5 times. By attracting equity financing at a competitive cost, ADNOC L&S increases its capacity to pursue value-added investments within this debt ratio range.
This facility was arranged by Société Générale with the participation of Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA and DBS Bank.