ADNOC Murban Announces Successful $4 Billion Bond Offering In Three Tranches
Abu Dhabi National Oil Company (ADNOC) PJSC has announced that its subsidiary, ADNOC Murban RSC Ltd (ADNOC Murban), has successfully priced its first offering of notes under a new Global Medium Term Note (GMTN) Programme. The total principal amount for this issuance is $4 billion, divided into three tranches.The first tranche, maturing on 11th September 2029, will have a principal amount of $1 billion and a coupon rate of 4.250%. The second tranche, set to mature on 11th September 2034, will be issued with a principal amount of $1.5 billion and a coupon rate of 4.500%. The third tranche, maturing on 11th September 2054, will have a principal amount of $1.5 billion and a coupon rate of 5.125%.
The net proceeds from these notes will be utilised by ADNOC Group for general corporate purposes. All tranches are expected to be issued on 11th September 2024 and listed on the International Securities Market of the London Stock Exchange (LSE).
ADNOC Murban holds strong credit ratings: "Aa2" by Moody’s Investor Services (Moody’s), "AA" by Standard & Poor’s (S&P), and "AA" by Fitch Ratings (Fitch). These ratings align with those assigned to ADNOC's shareholder, the Emirate of Abu Dhabi.The GMTN Programme itself has been given provisional ratings of "Aa2" by Moody's, "AA" by S&P, and "AA" by Fitch. Similarly, the notes have been rated "Aa2" by Moody's, "AA" by S&P, and "AA" by Fitch.
With inputs from WAM
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