US$ 1.1-2bn equity instrument with all-in cost below SOFR+150bps
ADNOC Logistics & Services has announced that it has signed a US$ 1.1-2bn (AED 4-7.3bn Hybrid Capital Instrument (HCI).
Initial drawing against the HCI will be US$ 1.1bn (AED 4bn billion), leaving $0.9 billion (AED3.3 billion) capacity available to be drawn until 31 December 2026.
Approximately US$ 1bn (AED 3.7bn) of the HCI will be utilized to fund the acquisition of Navig8. The remainder is available to fund announced or new value-accretive investments.
“The combination of existing cash, the new finance facility, and the cash flow from our contracted vessels ensures that we are adequately funded to capitalize on value-accretive growth opportunities in line with our strategy of building a leading energy maritime and logistics company,” stated Captain Abdulkareem Al Masabi, CEO, ADNOC L&S.
The facility has been arranged and led by Societe Generale with participation from Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA and DBS Bank.
