ADNOC has said that it has redeemed in full its US dollar-denominated senior unsecured bonds (Exchangeable Bonds) in ADNOC Distribution, maintaining a stable shareholding level in ADNOC Distribution following maturity of the Exchangeable Bonds.

The company paid Bondholders a total amount of $1.199 billion in cash on June 4, 2024, retaining full ownership of the underlying ADNOC Distribution shares.

The Exchangeable Bonds were issued in May 2021 together with the Offering of some 375 million shares in ADNOC Distribution.

Upon the expiry of the option to settle the bond through share conversion on May 4, 2024, ADNOC has settled the bond in cash, having repaid investors a principal amount of $1.195 billion, along with an applicable coupon amount of $4.18 million.

Following the full settlement in cash, ADNOC Distribution’s free float remains unchanged at 23% with ADNOC retaining its 77% majority ownership.