Abu Dhabi Nationwide Oil Firm (ADNOC) PJSC (ADNOC) introduced immediately that it intends to settle, through a money fee, its US Greenback-denominated senior unsecured bonds (Exchangeable Bonds) in Abu Dhabi Nationwide Oil Firm for Distribution PJSC (ADNOC Distribution), which bear a coupon of 0.70%, upon maturity on June 4, 2024. Fulfilling its monetary obligations, ADNOC can pay as much as $1.195 billion, together with as much as $4.18 million in relevant curiosity.
ADNOC issued the Exchangeable Bonds in Could 2021, along with the Providing of some 375 million shares in ADNOC Distribution. The choice to settle the bond via share conversion will expire on Could 4, 2024. ADNOC will settle the bond in full in money and retain possession of the underlying shares, which quantity to roughly 7% of the registered share capital of ADNOC Distribution. ADNOC Distribution’s free float will stay at 23% following the Exchangeable Bonds’ redemption.
As a majority shareholder in ADNOC Distribution, ADNOC reiterates its long-term dedication to the corporate, totally helps its lately unveiled new mid-term development technique and firmly believes this may create further worth for all stakeholders. ADNOC will preserve a steady shareholding stage in ADNOC Distribution upon maturity of the Exchangeable Bonds.
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