ADNOC Successfully Completes Pricing of First Multi-Tranche ADNOC Murban Bonds

Abu Dhabi National Oil Company PJSC (ADNOC) today announced the successful pricing of the inaugural multi-tranche bond offering by ADNOC Murban RSC Limited (ADNOC Murban), a wholly-owned subsidiary of ADNOC and the lead rated issuer in the global capital markets for ADNOC Group, under its recently launched three-tranche Global Medium Term Note (GMTN) programme, raising a total value of US$4 billion.

The first tranche of notes will mature on September 11, 2029, for an aggregate value of $1 billion, with a coupon rate of 4.250%, the second tranche of notes will mature on September 11, 2034, for an aggregate value of $1.5 billion, with a coupon rate of 4.500%, and the third tranche of notes will mature on September 11, 2054, for an aggregate value of $1.5 billion, with a coupon rate of 5.125%. The net proceeds from the issuance will be used by ADNOC Group for general corporate purposes.

All tranches of the notes are expected to be issued on 11 September 2024 and listed on the London Stock Exchange (LSE) International Securities Market.

ADNOC Murban has been assigned an “Aa2” rating by Moody’s Investors Service (Moody’s), an “AA” rating by Standard & Poor’s, and an “AA” rating by Fitch Ratings (Fitch), in line with the ratings assigned to ADNOC’s shareholder (the Government of the Emirate of Abu Dhabi).

The programme has been given a preliminary rating of “Aa2” by Moody’s, an “AA” rating by Standard & Poor’s and an “AA” rating by Fitch, while the bonds have been given an “Aa2” rating by Moody’s, an “AA” rating by Standard & Poor’s and an “AA” rating by Fitch.