Abu Dhabi National Oil Company (ADNOC) announced by publishing a statement that it has fully redeemed its US dollar senior unsecured bonds (exchangeable bonds) in Abu Dhabi National Oil Company for distribution.
Publish dateTuesday 11 June 2024 - 02:18
Following on from the ADNOC statement, the convertible bonds have been released in May 2021 along with the offering of about 375 million shares in the ADNOC distribution.
ADNOC's objective is to maintain a stable equity level in ADNOC's distribution after the maturity of the convertible bonds.
Following the expiration of the option to redeem the bonds through share conversion on May 4, 2024, ADNOC settled the bonds in cash and has repaid the principal amount of $1.195 billion to investors along with an applicable coupon amount of $4.18 million.
After the full cash settlement, ADNOC Distribution's free float shares remain unchanged at 23%, with ADNOC retaining its majority ownership of 77%.
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Source : news agency wam
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