Shearman And Sterling

News May 27, 2021

ADNOC's $1.64 Billion Combined Accelerated Equity Offering and Issuance of Exchangeable Bonds

Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC), in connection with its $1.64 billion combined offering of existing shares in ADNOC Distribution and issuance of equity-linked bonds. The bonds, which are to be listed on the Vienna Stock Exchange (MTF), are exchangeable for existing shares in ADNOC Distribution subject to certain conditions.

The combined offering is the first of its kind in the GCC and is the latest in a series of related transactions for ADNOC that Shearman & Sterling has advised on, including the placement of 10% of ADNOC’s shares in ADNOC Distribution in September, 2020, and the initial public offering of ADNOC Distribution and listing on the Abu Dhabi Securities Exchange in December, 2017.

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. ADNOC Distribution is the leading fuel distributor and convenience store operator in the UAE.

The Shearman & Sterling team below also included Caitlin McPhee (Abu Dhabi-Project Development and Finance).

The Team