The senior unsecured bonds are due on 2024 and exchangeable under certain conditions
The Abu Dhabi National Oil Company (ADNOC) will offer approximately 375 million shares in ADNOC Distribution at a price of AED 4.36 per share ($1.19).
The UAE oil giant will also issue approximately $1.195 billion of exchangeable bonds through a combined offering with a total transaction size of close to $1.640 billion, it said in a statement.
The senior unsecured bonds are due on 2024 and exchangeable under certain conditions into existing common shares of ADNOC Distribution constituting 7 percent of the registered share capital
Final terms of the combined offering are expected to be announced following completion of the bookbuild for the share offering and exchangeable bond offering.
The combined offering is another milestone in enabling ADNOC to further unlock and monetize significant value from its assets, whilst also increasing the free float of ADNOC Distribution, boosting liquidity in its shares and diversifying its shareholder base.
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