Book size: 2000; Registration: 144A/3(c)(7)/Reg S; Comments: Galaxy Pipeline Assets Bidco Ltd exp Aa2/NR/AA US$4bn 144A/3c7/Reg S 3-part senior secured notes (Series A, Series B, Series C). Citi/HSBC JGCs/JBRs. BNP/FAB/Miz/MUFG/SCB JBRs. ADCB/CACIB/ENBD/Natix/Samba/Santander/ SMBC/SG JLMs. CaixaBank/DBS CLMs.;
Book size: 2000; Registration: 144A/3(c)(7)/Reg S; Comments: Galaxy Pipeline Assets Bidco Ltd exp Aa2/NR/AA US$4bn 144A/3c7/Reg S 3-part senior secured notes (Series A, Series B, Series C). Citi/HSBC JGCs/JBRs. BNP/FAB/Miz/MUFG/SCB JBRs. ADCB/CACIB/ENBD/Natix/Samba/Santander/ SMBC/SG JLMs. CaixaBank/DBS CLMs.;
Book size: 2000; Registration: 144A/3(c)(7)/Reg S; Comments: Galaxy Pipeline Assets Bidco Ltd exp Aa2/NR/AA US$4bn 144A/3c7/Reg S 3-part senior secured notes (Series A, Series B, Series C). Citi/HSBC JGCs/JBRs. BNP/FAB/Miz/MUFG/SCB JBRs. ADCB/CACIB/ENBD/Natix/Samba/Santander/ SMBC/SG JLMs. CaixaBank/DBS CLMs.;
Deal Comments
Galaxy Pipeline Assets Bidco Ltd exp Aa2/NR/AA US$4bn 144A/3c7/Reg S 3-part senior secured notes (Series A, Series B, Series C). Citi/HSBC JGCs/JBRs. BNP/FAB/Miz/MUFG/SCB JBRs. ADCB/CACIB/ENBD/Natix/Samba/Santander/ SMBC/SG JLMs. CaixaBank/DBS CLMs. Repayment profile: sequential amortization with Tranche A fully amortizing starting from Sep 2021. List ISE, trading as Euronext Dublin. English Law with security instruments governed by Abu Dhabi Law or Jersey Law. FCA/ICMA applies. Global books open. Today's business. Settle 11/5 (T+7).
Tranche A: US$1.1bn due 9/30/27 (final maturity). 4.05y avg life. IPTs (coupon): 1.875% area. COUPON SET: Series A at 1.75%. LAUNCHED: $1.1bn at 1.75%.Tranche B: US$1.55bn due 3/31/36 (final maturity). 11.49y avg life. IPTs (coupon): 2.75% area. COUPON SET: Series B at 2.625%. LAUNCHED: $1.55bn at 2.625%.Tranche C: US$1.35bn due 9/30/40 (final maturity). 17.98y avg life. IPTs (coupon): 3.375% area. COUPON SET: Series C at 3.25%. LAUNCHED: $1.35bn at 3.25%.
Galaxy Pipeline Assets BidCo Ltd (the “Issuer”) has mandated Citi and HSBC as Global Coordinators, alongside BNP Paribas, First Abu Dhabi Bank, Mizuho, MUFG and Standard Chartered Bank as Joint Bookrunners to organize Global Investor Calls and a series of fixed income investor calls across the US, Europe, Asia and the Middle East, commencing on October 22, 2020.
The Issuer, which is owned by a consortium of global infrastructure investors (GIP, Brookfield, GIC, NH I&S, OTPP) and a leading European gas infrastructure owner and operator (SNAM), has a 47.7% stake in ADNOC Gas Pipeline Assets LLC (the “AssetCo”). Abu Dhabi National Oil Company (“ADNOC”), a leading diversified energy and petrochemicals group and wholly owned entity of the Emirate of Abu Dhabi, controls 51% of the shares in AssetCo through its 80% owned subsidiary ADNOC Gas Pipelines HoldCo LLC.
AssetCo holds, for a period of 20 years, lease rights over ADNOC’s network of sales gas and Natural Gas Liquid pipelines, representing a critical asset for the Emirate of Abu Dhabi providing gas shipment for its gas production to service its gas demand. The pipelines are solely operated by ADNOC.
A Rule 144A/Regulation S Registered senior secured U.S. Dollar fixed-rate triple-tranche amortizing offering will follow, subject to market conditions.
The offering will comprise:
Tranche A: 7.5 to 8.5-Years (Final/Legal Maturity) / 4 to 5 Years (Weighted Average Life)
Tranche B: 14 to 15 Year (Final/Legal Maturity) / 11 to 12 Years (Weighted Average Life)
Tranche C: 19 to 20 Years (Final/Legal Maturity) / 17 to 18 Years (Weighted Average Life)
Expected ratings of the Notes are Aa2 by Moody’s and AA by Fitch. FCA / ICMA stabilisation applies.