Major financing deal for ME port operator

Abu Dhabi Ports, rated A+ (stable) by S&P and A+ (stable) by Fitch, has successfully issued US$1bn 10-year bonds (The Notes) under its recently established Euro Medium Term Note Programme (“EMTN Programme”), to be jointly listed on the London Stock Exchange (LSE) and Abu Dhabi Securities Exchange (ADX).

Mohamed Juma Al Shamisi, group chief executive officer at Abu Dhabi Ports, said: “Abu Dhabi Ports’ strategy is to become a top global integrated trade enabler, ranking alongside the most important hubs in the world to facilitate the growth of international trade. The success of this first issuance under our recently established EMTN Programme is another important step in our prudent financial strategy that underpins our long-term vision for growth.”

Flexible financing

The issuance was more than 4.5 times over-subscribed at its peak. The Notes mature on 6 May 2031 and carry a coupon of 2.500% per annum. Proceeds will be used for general corporate purposes and debt refinancing.

Mr Shamisi added: “We achieved US$ 933 million of revenues in 2020, representing year-on-year growth of 24% in one of the most challenging periods for the global economy in living memory. Our adjusted EBITDA grew 37% to reach US$ 422 million in 2020, demonstrating our ongoing potential for growth and development.”