Abu Dhabi Ports issues bonds worth $ 1 billion
Abu Dhabi Ports, which is rated A + with a stable outlook by S&P and Fitch, has issued US $ 1 billion bonds for 10 years under the Euro Medium Term Note (EMTN) program that will be listed on the London market. Securities Exchange (LSE) and Abu Dhabi Securities Exchange (ADX), in a move aimed at employing bond revenues for general institutional purposes and debt refinancing.
The subscription levels exceeded 4.5 times the offering during the peak period, and the maturity date of the bonds was set on May 6, 2031 with an annual return of 2,500% annually, and the subscription is expected to be settled on May 6, 2021, subject to the settlement terms in effect.
Citibank and First Abu Dhabi Bank acted as global co-coordinators for the deal, while HSBC, Mizuho and Societe Generale were the active co-directors and co-collectors of the issue, while BNP Paribas and Credit Agrijul CIB and SMBC Nikko Co-Principals Co-Principals of the Issue.
Abu Dhabi Ports Chairman Falah Muhammad Al Ahbabi explained that Abu Dhabi Ports has been keen, since its establishment, to support the long-term vision of wise leadership in Abu Dhabi, and to play a pivotal role in the growth in the emirate and in facilitating global trade, noting that the announcement of the bond program constitutes an important tributary. For development plans for Abu Dhabi Ports, and promotes broader economic diversification programs in the United Arab Emirates.
"We are pleased with the widespread demand by international investors for our first bond issuance under the Euro Medium Term Note (EMTN) program, which reflects the great confidence in our wise leadership's vision, the great stability of our economy, the capabilities of our institution and our strategy at the international level," he said.
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