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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  First Abu Dhabi Bank P.J.S.C.    FAB   AEN000101016

FIRST ABU DHABI BANK P.J.S.C.

(FAB)
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ADNOC infrastructure deal backed by $8 billion bridge financing - sources

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06/23/2020 | 09:19am EDT

By Davide Barbuscia

A consortium of international investors obtained an $8 billion bridge loan provided by 17 banks for a gas infrastructure deal Abu Dhabi National Oil Company (ADNOC) announced on Tuesday, sources said.

ADNOC said earlier it had signed a $10 billion deal with investors including Global Infrastructure Partners, Brookfield Asset Management, Singapore's sovereign wealth fund GIC, Ontario Teachers' Pension Plan Board, NH Investment & Securities and Italy's Snam.

The investors will acquire a 49% stake in ADNOC Gas Pipeline Assets, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines, with ADNOC holding the remaining 51% majority stake, the company said. The pipeline assets were valued at $20.7 billion.

The acquisition was backed by an $8 billion bridge loan provided by 17 banks, said three sources familiar with the matter.

The bank group includes Abu Dhabi Commercial Bank, BNP Paribas, Credit Agricole, Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Japan's MUFG, Societe Generale, and Standard Chartered.

The financing, which received commitments of almost $14 billion, has a duration of two years and two six-month extension options. The group of investors plans to replace the loan with a bond issuance at or before its maturity, the sources said.

Standard Chartered said in a statement on Tuesday that it worked as senior mandated lead arranger for the financing of the acquisition, without disclosing details of the loan terms.

Emirates NBD, FAB, MUFG, and Societe Generale declined to comment while the other banks did not immediately respond to comment requests. ADNOC declined to comment.

ADNOC will lease its ownership of the pipeline assets to ADNOC Gas Pipelines for 20 years in return for a volume-based tariff. The new subsidiary will distribute 100% of free cash to the investors as quarterly dividends.

(Additional reporting by Saeed Azhar; editing by Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI COMMERCIAL BANK PJSC 0.00% 5.06 End-of-day quote.-36.11%
BNP PARIBAS -0.39% 37.24 Real-time Quote.-29.24%
BROOKFIELD ASSET MANAGEMENT INC. -2.22% 44.11 Delayed Quote.-9.80%
CRÉDIT AGRICOLE SA -0.85% 8.886 Real-time Quote.-30.66%
EMIRATES NBD BANK PJSC 0.45% 8.9 End-of-day quote.-31.54%
FIRST ABU DHABI BANK P.J.S.C. 0.89% 11.3 End-of-day quote.-25.46%
HSBC HOLDINGS PLC -3.30% 395.15 Delayed Quote.-30.96%
LONDON BRENT OIL 0.60% 43.34 Delayed Quote.-34.97%
SNAM SPA 1.32% 4.451 Delayed Quote.-6.25%
SOCIÉTÉ GÉNÉRALE -1.75% 15.588 Real-time Quote.-48.84%
STANDARD CHARTERED PLC -3.30% 442.2 Delayed Quote.-35.81%
WTI 0.25% 40.745 Delayed Quote.-34.21%
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Financials
Sales 2020 18 916 M 5 150 M 5 150 M
Net income 2020 8 263 M 2 250 M 2 250 M
Net Debt 2020 - - -
P/E ratio 2020 14,1x
Yield 2020 3,90%
Capitalization 123 B 33 536 M 33 539 M
EV / Sales 2019
Capi. / Sales 2020 6,51x
Nbr of Employees 5 451
Free-Float 66,5%
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Technical analysis trends FIRST ABU DHABI BANK P.J.S
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Mean consensus HOLD
Number of Analysts 10
Average target price 11,98 AED
Last Close Price 11,30 AED
Spread / Highest target 39,8%
Spread / Average Target 6,02%
Spread / Lowest Target -18,1%
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Managers
NameTitle
André Sayegh Group Chief Executive Officer
Tahnoun bin Zayed bin Sultan Al-Nahyan Chairman
Zulfiquar Ali Sulaiman Group Chief Operation & Integration Officer
James Burdett Group Chief Financial Officer
Ahmed Mohamed Sultan Al-Dhaheri Director
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