ADNOC Completes Public Offering Of 3.65% Series A Bonds, Due 2029 For US$837 Million

Published: Nov 06 2017
Deal Summary

Abu Dhabi National Oil Company (ADNOC), a state owned oil company, through its wholly-owned subsidiary, ADCOP, completed the public offering of 3.65% Series A bonds, due November 6, 2029, for gross proceeds of US$837 million (MM). Of the total offering, 8% was subscribed to by banks and private banks, 70% was subscribed to by fund managers, and 22% was subscribed to by agencies, pensions, insurance and others.

Concurrently, ADNOC completed the public offering of 4.6% Series B bonds, due November 6, 2037, for gross proceeds of US$2,200 MM.

First Abu Dhabi Bank, HSBC Holdings Plc, JPMorgan Chase & Co and Mitsubishi UFJ Financial Group Inc (MUFG) acted as joint book-running managers, while BNP Paribas SA, Citigroup Inc, Mizuho Securities Co Ltd, Societe Generale SA and Standard Chartered Bank Plc acted as underwriters, and Moelis & Company LLC acted as financial advisor to the company for the offering.

The company intends to use the proceeds from the offering for future growth and investment plans.

Deal history

Completed: On November 6, 2017, ADNOC completed the public offering of 3.65% Series A bonds, due 2029, for gross proceeds of US$837 MM.

Rumor: On October 17, 2017, ADNOC intends to issue project bond, for gross proceeds of US$3,000 MM, sources familiar with the matter said.

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