ADNOC Distribution to tap new loans to refinance current debt obligations
UAE fuel retailer will also pull in $375m as revolving credit facility from ADNOC
Dubai: UAE fuel retailer ADNOC Distribution is tapping new loans from banks and from the parent company to refinance debt it had taken out in November 2017. Part of the new debts will also be used for general corporate purposes.
The plan is to enter an unsecured senior corporate term facilities agreement for $375 million and a dirham-denominated term facility for Dh4.13 billion. The ADNOC Distribution's Board of Directors has given its approval for the move. (Abu Dhabi’s FAB has been signed to be the facility agent, mandated lead manager as well as be one of the lenders.)
At the same time, ADNOC Distribution will also sign up for an unsecured senior corporate revolving facility with ADNOC for $375 million and for Dh1.37 billion. These are for general purpose usage.
ADNOC Distribution continues with the rollout of new fuel service stations in the UAE and Saudi Arabia, and with more coming through next year.