| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | GASBCM | TMS Issuer Sarl | $4,500 | 3 | EMEA | Feb 9, 2023 |
[GREENSAIF PIPELINES BIDCO]
GreenSaif Pipelines Bidco Sarl (GRPIBI), exp A1 (stable) by Moody's / A (positive) by Fitch, hit the market today with US$4.5bn 3-part sr secured notes. Via BNP/HSBC/JPM as global coordinators. $3bn of this will be counted toward US IG volume (conventional tranche and dual-listed Formosa). Law. English Law with security documents governed by KSA, Luxembourg or English Law. Pricing 2/9. Settle 2/23.
- TMS Issuer Sarl (Obligor: GreenSaif Pipelines Bidco Sarl) US$1.5bn 144A/Reg S 10y sr secured Sukuk (not countable). WAL: ~7.5yrs. Repayment: sculped, amortizing repayment profile. BNP/Citi/FADB/HSBC (B&D)/JPM/MUFG/SMBC Nikko as JBRs/JLMs. Passive books: ADCB/Aljazira Capital/BofA/CACIB/GIB Capital/Miz/SNB/SG/SCB. Co-lead Mgrs: ABCI, BoC, CCB, Natixis, Riyad Capital.
- GreenSaif Pipeline Bidco Sarl US$1.5bn 144A/Reg S conventional 15y senior secured notes. WAL: ~12yrs. Repayment: sculped, amortizing repayment profile. BNP/Citi/FADB/HSBC/JPM (B&D)/MUFG/SMBC Nikko as JBRs/JLMs. Passive books: ADCB/BofA/CACIB/Miz/SG/SCB. Co-lead Mgrs: ABCI, BoC, CCB, ICBC, Natixis, Riyad Capital.
- GreenSaif Pipeline Bidco Sarl US$1.5bn 144A/Reg S conventional, dual listed formosa 19y senior secured notes. WAL: ~18yrs. Repayment: sculped, amortizing repayment profile. BNP Taipei Branch (B&D)/Citi Taiwan Ltd/HSBC (Taiwan)/JPM (Taiwan) as JBRs/JLMs. Structuring Agents: FADB/MUFG/SMBC Nikko.
IPTs:
Tranche A : CT7+240a (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final)
Tranche B : CT10+275a (RegS/144a, Conventional, c. 12y WAL, c. 15y final)
Tranche C : CT30+205a (RegS/144a, dual listed Formosa, c. 18y WAL, c. 19y final)
PRICE GUIDANCE:
Tranche A : CT7+210a (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final)
Tranche B : CT10+255a (RegS/144a, Conventional, c. 12y WAL, c. 15y final)
Tranche C : CT30+285a (RegS/144a, dual listed Formosa, c. 18y WAL, c. 19y final)
LAUNCHED:
Tranche A (HSBC B&D): $1.5bn @ CT7+200bps # (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final)
Tranche B (JPM B&D) : $1.5bn @ CT10+245bps # (RegS/144a, Conventional, c. 12.3y WAL, c. 15y final)
Tranche C (BNP B&D) : $1.5bn @ OLB30+275bps # (RegS/144a, dual-listed Formosa, c. 17.8y WAL, c. 19y final)
PRICED:
Tranche A: $1.5bn 5.78% 2/23/32 100.00 CT7+200 (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final).
Tranche B: $1.5bn 6.129% 2/23/38 100.00 CT10+245 (RegS/144a, Conventional, c. 12.3y WAL, c. 15y final).
Tranche C: $1.5bn 6.510% 2/23/42 100.00 OLB30+275 (RegS/144a, dual listed Formosa, c. 17.8y WAL, c. 19y final).
As for r/v, there is a contractual structure between GreenSaif, Aramco Gas Pipelines Company and the Saudi Arabian Oil Company. GreenSaif owns 49% of Aramco Gas Pipelines Company, which owns usage lease rights to a gas pipeline network in Saudi Arabia. Saudi Aramco owns 51% of Aramco Gas Pipelines Company, operates the pipeline network and pays a tariff for its usage.
Therefore, Aramco is one of the comps for today’s deal:
Saudi Arabian Oil Co (A1/A)
- ARAMCO 2.250% due 11/24/30 T+105bp (G98; $84.32) - $2bn pxd Nov 2020
+10bp 8s/10s; +12bp lo $ (0.75 per $) = T+120 10yr f/v
- ARAMCO 3.250% due 11/24/50 T+150bp ($71.29) - $2.25bn pxd Nov 2020
+20bp for lo $ (slightly under 0.75 per $) = T+170bp 30yr f/v
EIG Pearl Holdings Sarl is also a decent comp as another entity that has a similar contract arrangement with Aramco. The Issuer is indirectly owned 89.45% by an aggregator vehicle managed by EIG Management Company, LLC and its affiliates (“EIG”) and 10.55% by a wholly owned subsidiary of Mubadala Investment Company PJSC (“Mubadala”). The EIG aggregator includes leading institutional investors from the United States, China, Kingdom of Saudi Arabia (the “Kingdom”), the Republic of Korea and other countries. The Issuer owns 49.0% of the issued share capital of Aramco Oil Pipelines Company ("AssetCo") and Saudi Arabian Oil Company ("Aramco") owns the remaining 51% of the issued share capital of AssetCo.
EIG Pearl Holdings Sarl (A1/A M/F)
- EIGPRL 3.545% due 08/31/36 (10.5yr WAL) T+187bp (G185; $85.89) - $1.25bn pxd Jan 2022
- EIGPRL 4.387% due 11/30/46 T+237bp ($77.87) - $1.25bn pxd Jan 2022
Nonetheless, we’re going CONCESSION N/A on this one.
Books went subject in excess of $20bn. We did not catch the final – primarily a London affair, books will not be released until Friday.