( MENAFN ) Abu Dhabi National Oil Company (ADNOC) has announced the complete redemption of its unsecured bonds, which were exchangeable for shares in ADNOC Distribution. ADNOC made a cash payment of USD1.199 billion to bondholders on June 4, 2024, in order to retain ownership of shares in ADNOC Distribution. These exchangeable bonds were initially issued by ADNOC in May 2021, offering approximately 375 million shares in ADNOC Distribution. Following the expiration of the option to settle the bonds by exchanging shares on May 4, 2024, ADNOC opted to settle the bonds in cash. This involved paying the principal amount to investors, totaling USD1.195 billion, along with an applied coupon amounting to USD4.18 million. Despite the full redemption of the bonds in cash, the proportion of ADNOC Distribution shares available for free trading remains unchanged at 23 percent. ADNOC continues to hold the majority ownership of shares, retaining a 77 percent stake in ADNOC Distribution.