Abu Dhabi Ports has effectively provided $1 billion in 10-year bonds (The Notes) through its newly formed Euro Medium Term Note Programme (EMTN Programme), which will be published on the London Stock Exchange (LSE) and the Abu Dhabi Securities Exchange (ADX).

At its height, the issuance was more than 4.5 times oversubscribed. The Notes mature on May 6, 2031, and have a voucher of 2.500% per year. The proceeds would be used for general business needs and debt repayments. The offering is scheduled to be settled on May 6, 2021, according to customary settlement terms.

Citi, First Abu Dhabi Bank, and Standard Chartered Bank served as joint global coordinators for the trade, with HSBC, Mizuho, and Societe Generale serving as involved joint lead managers and joint bookrunners, and BNP Paribas, Credit Agricole CIB, and SMBC Nikko serving as supportive joint lead managers.

“We are pleased by the strong global investor response with our first issuance under our newly formed EMTN Scheme, which demonstrates international interest in the stability of our sector and policy, and universal trust in the UAE's leadership vision and the sustainability of our economy,” said Falah Mohamed Al Ahbabi, Chairman of Abu Dhabi Ports.

Abu Dhabi Ports has been completely associated with the Abu Dhabi Government's long-term strategy since its inception, playing a critical role in the emirate's development and promoting foreign trade. Today's announcement would help both our growth efforts and the UAE's overall economic diversification scheme.”

“Abu Dhabi Ports' goal is to become a leading world integrated trade enabler, ranked alongside the world's most relevant hubs to promote the development of foreign trade,” said Mohamed Juma Al Shamisi, Group Chief Executive Officer of Abu Dhabi Ports.

The achievement of our first issuance under our newly formed EMTN Program is yet another crucial move in our cautious financial policy, which underpins our long-term growth outlook. Even after two days of investor meetings, the global investor response to Abu Dhabi Ports' first joint Note Programme on the London Stock Exchange and the Abu Dhabi Security Exchange has been quite powerful, with the issuance more than 4.5 times oversubscribed at its maximum, with purchases made by over 200 institutional investors from 35 countries, including sovereign wealth funds, central banks, insurers, and corporate treasuries and asset managers.”

“We have seen the success of this $1.0 billion 10-year ranking at the lowest coupon obtained by an Abu Dhabi government-related company for the corresponding 10-year tenor as an indication of trust in our leadership, our industry, and the UAE overall economy,” he said.

He responded by saying that Abu Dhabi Ports is a growing and prosperous company designed for the long run, with wise and foresighted leadership. “In 2020, we produced $933 million in sales, marking a 24 % year-on-year increase during one of the most difficult times for the world economy in living memory. Our modified EBITDA increased by 37% to $422 million in 2020, reflecting our continued opportunity for progress and expansion.”