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The board of ADNOC Distribution, the UAE’s largest fuel and convenience retailer, has approved entering into term and revolving credit facilities with banks and state oil firm Abu Dhabi National Oil Company (ADNOC) for a total of $2.25 billion to refinance existing facilities and for general corporate purposes.
ADNOC Distribution will enter into an unsecured senior corporate term facilities agreement with First Abu Dhabi Bank PJSC and others for a USD-denominated term facility of $375 million and a dirham-denominated term facility of AED4.13 billion. This will be used for refinancing its existing facilities and for general corporate purposes, the company said in a statement on the Abu Dhabi Securities Exchange on Thursday.
In addition, it will enter into a unsecured senior corporate revolving facilities agreement with ADNOC for a USD-denominated revolving credit facility of $375 million and a dirham-denominated revolving credit facility of AED1.38 billion. This will be used to finance the company's general corporate purposes.
Last month the fuel distributor and retailer, while announcing a H1-2022 net profit of AED1.56 billion, said it has unutilised credit facilities of AED2.8 billion and another AED 2.8 billion in cash and cash equivalents.
(Reporting by Brinda Darasha; editing by Seban Scaria)
