ADNOC considers exchangeable bonds linked to shares of listed unit-sources - Reuters:
Abu Dhabi National Oil Company (ADNOC) is considering offering exchangeable bonds that could be converted into shares of ADNOC Distribution, as one option for increasing the free float of the listed unit.
ADNOC is working with several advisers on the transaction, four sources familiar with the matter, who declined to be named as the matter is not public, told Reuters.
ADNOC declined to comment on Thursday.
An exchangeable bond gives investors the option to exchange the bond for the stock of a company other than the issuer at some future date and under prescribed conditions.
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