Shearman & Sterling advises Abu Dhabi National Oil Company

Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC), in connection with its USD1.64 billion combined offering of existing shares in ADNOC Distribution and issuance of equity-linked bonds. The bonds, which are to be listed on the Vienna Stock Exchange (MTF), are exchangeable for existing shares in ADNOC Distribution subject to certain conditions.

The combined offering is the first of its kind in the GCC and is the latest in a series of related transactions for ADNOC that Shearman & Sterling has advised on, including the placement of 10 per cent of  ADNOC’s shares in ADNOC Distribution in September, 2020, and the initial public offering of ADNOC Distribution and listing on the Abu Dhabi Securities Exchange in December, 2017.

The Shearman & Sterling team included partner Marwan Elaraby (Dubai-Capital Markets) and associates Woo Suk Hong (London-Finance) and Caitlin McPhee (Abu Dhabi-Project Development and Finance). The team was also supported by partners Patrick Clancy (London-Finance), Trevor Ingram (London-Capital Markets), Simon Letherman (London-Tax), Thomas Donegan (London- Financial Institutions Advisory and Financial Regulatory) and associates Elias Allahyari (London- Financial Institutions Advisory and Financial Regulatory) and Omar Morsy (Dubai-M&A).