Abu Dhabi National Oil Company (ADNOC) announced today that its wholly-owned subsidiary, ADNOC Murban RSC Ltd (ADNOC Murban), which serves as the primary entity for debt capital markets issuance and ratings within ADNOC Group, has successfully priced its inaugural notes offering under the newly launched Global Medium Term Note (GMTN) Program. This offering consists of three tranches, totaling an aggregate principal amount of $4 billion, WAM reported.
The first tranche, with a maturity date of September 11, 2029, will be issued for a total principal amount of $1 billion, featuring a coupon rate of 4.250 percent.
Additionally, the second tranche will mature on September 11, 2034, with an aggregate principal amount of $1.5 billion and a coupon rate of 4.500 percent.
Moreover, the third tranche, maturing on September 11, 2054, will also be issued for $1.5 billion with a coupon rate of 5.125 percent.
Read more: UAE’s ADNOC deploys cutting-edge AI system Neuron 5 to boost operational efficiency
The net proceeds from this issuance will be utilized by ADNOC Group for general corporate purposes. All tranches are anticipated to be issued on September 11, 2024, and will be listed on the International Securities Market of the London Stock Exchange (LSE).
Furthermore, ADNOC Murban holds ratings of “Aa2” from Moody’s Investor Services (Moody’s), “AA” from Standard & Poor’s (S&P), and “AA” from Fitch Ratings (Fitch), consistent with the ratings assigned to ADNOC’s shareholder, the Emirate of Abu Dhabi.
The Program has received a provisional rating of “Aa2” from Moody’s, “AA” from S&P, and “AA” from Fitch, while the notes themselves have been assigned ratings of “Aa2” by Moody’s, “AA” by S&P, and “AA” by Fitch.
For more news on markets, click here.
