Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) is expected to issue $3 billion worth of bonds this week, sources familiar with the matter told Reuters on Tuesday.
This is would be the first public debt issue by the Emirati oil company. Bonds will have a maturity longer than 10 years, and would be sold by one of ADNOC’s subsidiaries, not by the holding company.
A number of banks including Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank (FAB), HSBC, and JP Morgan will arrange the debt sale.
The company is raising the financing as part of an overhaul of its capital structure which includes, among other things, the initial public offer of minority stakes in some of its operations, the news agency noted.
