emirates7 - Abu Dhabi National Oil Company (ADNOC) PJSC has announced the successful pricing of its inaugural bond issuance under the newly established Global Medium Term Note (GMTN) Programme. The offering, conducted by ADNOC’s wholly-owned subsidiary, ADNOC Murban RSC Ltd (ADNOC Murban), features a triple tranche structure with a total principal amount of $4 billion, as reported by WAM (Emirates News Agency).

The bond issuance comprises three tranches:

The first tranche, maturing on September 11, 2029, amounts to $1 billion with a coupon rate of 4.250%.
The second tranche, maturing on September 11, 2034, totals $1.5 billion with a coupon rate of 4.500%.
The third tranche, maturing on September 11, 2054, is also $1.5 billion with a coupon rate of 5.125%.
The net proceeds from the bond issuance will be utilized by ADNOC Group for general corporate purposes. All tranches are expected to be issued on September 11, 2024, and will be listed on the International Securities Market of the London Stock Exchange (LSE).

ADNOC Murban holds credit ratings of “Aa2” from Moody’s Investor Services, “AA” from Standard & Poor’s (S&P), and “AA” from Fitch Ratings (Fitch), aligning with the ratings assigned to ADNOC’s shareholder, the Emirate of Abu Dhabi. The GMTN Programme has been assigned a provisional rating of “Aa2” by Moody’s, “AA” by S&P, and “AA” by Fitch, with the notes themselves receiving the same ratings.