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ADX lists US$1 billion Abu Dhabi Ports bonds

FILE PHOTO: Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. REUTERS/Stringer
    • Demand for the bond was oversubscribed 4.5 times

    • The company is planning $4.2 billion in investment in next 5 years

    The Abu Dhabi Securities Exchange (ADX) has announced it will be listing, on 3 June, 2021, US$1 billion bonds of Abu Dhabi Ports, which were issued under its Euro Medium Term Note Programme (EMTN Programme).

    The announcement was made by ADX on its website and stated that the bonds will be listed in one tranche, according to the pricing term sheet.

    Earlier in an interview, Chief Financial Officer Martin Aarup had said that the government-owned port operator in Abu Dhabi will look at a mix of loans, bonds and sukuk as well as potential cash injections from its owner to fund growth.

    The company is planning $4.2 billion in investment over the next five years and could spend more on acquisitions, he said.

    Demand for the bond, which was about 4.5 times oversubscribed, “reflects international confidence in the strength of our business and our strategy,” Abu Dhabi Ports Chairman Falah Mohamed Al Ahbabi said in a statement.

    The debut sale will also help the country push to diversify its economy and funding sources, he said.