Banking & Finance ADNOC Distribution to refinance existing debt via $2.25bn loans By Reuters October 28, 2022 ADNOC Distribution ADNOC Distribution approved unsecured senior corporate term facilities with First Abu Dhabi Bank and other banks ADNOC Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, said its board has approved loan agreements worth about $2.25 billion, which it plans to use to refinance existing debt or for general corporate purposes. The firm, the largest operator of petrol stations and convenience stores in the United Arab Emirates, approved unsecured senior corporate term facilities with First Abu Dhabi Bank and other banks that it did not name, it said in a filing on Thursday. ADNOC Distribution will get a $375 million term loan as well as a term facility of just over AED4.13bn ($1.12bn) from FAB and other banks. ADNOC Distribution said it will borrow unsecured senior revolving loans from its parent ADNOC. ADNOC will lend its subsidiary $375m and roughly the same amount denominated in dirhams. The completion of the term loans and revolving loans agreements is subject to fulfilling customary conditions, the company said.
