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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
ENGY
PRCD
GASBCM
GreenSaif Pipelines Bidco SARL$3,000
2EMEA
Jul 17, 2024
currency
USD
size (m)
1,400.000
maturity
Feb 23, 2036
type
-
tenor
12.000
call
-
registration
144A/Reg S
benchmark
-
ranking
Sr. Secured
moody's
A1
s&p
NR
fitch
A+
size description
-
re-open/tap
No
ipt
T+205 area
ipt-pxd
-
guidance
T+175-180
spread
170
coupon
5.853%
spread set
-
price
100.00000
yield
5.852%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
active leads
joint leads
BAM, CAG, CTI, MIZ, ...
passive leads
ADC, BNP, FAB, HSB, ...
co-managers
ABC, BOC, CCB, NAT, ...
coordinating managers
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
active leads
joint leads
BAM, CAG, CTI, MIZ, ...
passive leads
ADC, BNP, FAB, HSB, ...
co-managers
ABC, BOC, CCB, NAT, ...
coordinating managers
currency
USD
size (m)
1,600.000
maturity
Aug 23, 2042
type
Fixed
tenor
18.000
call
-
registration
144A/Reg S
benchmark
-
ranking
Sr. Secured
moody's
A1
s&p
NR
fitch
A+
size description
-
re-open/tap
No
ipt
T+225 area
ipt-pxd
-
guidance
T+195-200
spread
195
coupon
6.103%
spread set
-
price
100.00000
yield
6.102%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
active leads
joint leads
BAM, CAG, CTI, MIZ, ...
passive leads
ADC, BNP, FAB, HSB, ...
co-managers
ABC, BOC, CCB, NAT, ...
coordinating managers
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
active leads
joint leads
BAM, CAG, CTI, MIZ, ...
passive leads
ADC, BNP, FAB, HSB, ...
co-managers
ABC, BOC, CCB, NAT, ...
coordinating managers
Tranche Comments
Registration: 144A/Reg S; Registration: 144A/Reg S;
Deal Comments
GreenSaif Pipelines Bidco S.a r.l. (GASBCM) exp A1/A+ (p/s) by Moody's/Fitch, US$3bn 144A/Reg S 2-part sr secured fixed-rate amortizing bonds (Tranche: A: 12y final (10y WAL), Tranche B: 18y final (14.5y WAL)). JPM (B&D on 18y)/StanChart (B&D on 12y) as joint global coordinators; BofA/Citi/CACIB/Miz/SG joint active books. Passive books: ADCB/BNP/FAB/HSBC/MUFG/SMBC. Co-leads: ABC/BoC/CCB/Natixis/RIYCAP. Listing: LSE. Law: English Law with security documents governed by KSA, Luxembourg or English law. Pricing 7/17. Settle 7/31 (T+8). IPTs: 12y T+205 area, 18y T+225 area.GUIDANCE: 12y T+175-180, 18y T+195-200.LAUNCHED: $1.4bn 12y at T+170, $1.6bn 18y at T+195. PRICED:$1.4bn 5.8528% 2/23/36 100.00 5.852% T+170.$1.6bn 6.1027% 8/23/42 100.00 6.102% T+195. --------------------------------------------------- GreenSaif Pipelines Bidco S.a r.l. (the "Issuer") has mandated J.P. Morgan and Standard Chartered Bank as Global Coordinators to organise a series of fixed income investor meetings commencing on July 16, 2024. The Issuer is indirectly owned 77.2% by an aggregator vehicle managed and controlled by BlackRock, Inc. and its affiliates (“BlackRock”) and 22.8% by Hassana Investment Company, the investment arm of General Organization of Social Insurance ("GOSI") in the Kingdom of Saudi Arabia (the “Kingdom”). The aggregator vehicle includes leading institutional and sovereign wealth fund investors from Europe, the Middle East and Asia. The Issuer owns a 49.0% shareholding in Aramco Gas Pipelines Company ("AssetCo") and Saudi Arabian Oil Company ("Aramco") owns the remaining 51% of the issued share capital of AssetCo. AssetCo holds, for a period of 20 years, usage rights over Aramco’s network of certain specified current and future pipelines (the “Pipelines”) and related critical assets used for transporting Specified Gas Products, currently covering 80 pipelines and more than 4,000 kilometres in aggregate and transporting substantially all of Saudi Aramco’s currently produced in-Kingdom Specified Gas Products to local customers. Aramco retains ownership, sole control and management of, and is solely responsible for operating and maintaining, the Pipelines. A benchmark Rule 144A/Regulation S Registered senior secured U.S. Dollar fixed-rate dual-tranche amortizing bond offering (“Notes”) will follow, subject to market conditions. Issuer is rated A1 (positive) by Moody's and A+ (stable) by Fitch and the expected ratings of the Notes are A1 by Moody's and A+ by Fitch. BofA Securities, Citi, Crédit Agricole CIB, J.P. Morgan, Mizuho, Societe Generale and Standard Chartered Bank are acting as Active Bookrunners on the deal. The offering will comprise of:Tranche A: c.12 Year (Final/Legal Maturity) / c.10 Year (Weighted Average Life) Notes.Tranche B: c.18 Year (Final/Legal Maturity) / c.14.5 Year (Weighted Average Life) Notes. Investor meeting logistics will be co-ordinated by Standard Chartered Bank. GreenSaif will be represented by:Mr. Matt Prescottano – Director of BlackRock Capital MarketsMr. Christopher Stephens – Director of BlackRock Capital MarketsMr. Daan Willems – Associate of BlackRock Global Infrastructure FundsDate: Tuesday, 16th July 2024Location: Virtual and Physical MeetingsLogistics: Standard Chartered Bank HK TimeKSA TimeUK TimeNY TimeMeeting#13:00 PM10:00 AM8:00 AM3:00 AMInvestor Call#24:00 PM11:00 AM9:00 AM4:00 AMInvestor Call#35:00 PM12:00 PM10:00 AM5:00 AMInvestor Call / Meeting#46:00 PM1:00 PM11:00 AM6:00 AMInvestor Meeting#57:15 PM2:15 PM12:15 PM7:15 AMInvestor Meeting#68:45 PM3:45 PM1:45 PM8:45 AMInvestor Meeting#79:45 PM4:45 PM2:45 PM9:45 AMInvestor Call / Meeting#810:45 PM5:45 PM3:45 PM10:45 AMInvestor Call / Meeting#911:45 PM6:45 PM4:45 PM11:45 AMInvestor Call / Meeting#1012:45 AM7:45 PM5:45 PM12:45 PMInvestor Call#111:45 AM8:45 PM6:45 PM1:45 PMInvestor Call To access the Global Investor Call recording, please go to: https://dealroadshow.com Password: GREENSAIF24 (case-sensitive)Direct Link: https://dealroadshow.com/e/GREENSAIF24GreenSaif is represented by: Mr. Matt Prescottano – Director of BlackRock Capital MarketsMr. Christopher Stephens – Director of BlackRock Capital Markets GREENSAIF PIPELINES BIDCO S.À.R.L. – US$ 144A/REG S DUAL-TRANCHE BOND – INVESTOR PRESENATIONTo access the Investor Presentation, please go to: https://dealroadshow.com Password: GREENSAIF (case-sensitive)Direct Link: https://dealroadshow.com/e/GREENSAIF
Relative Value

[GREENSAIF]

GreenSaif Pipelines Bidco S.a r.l. “GASBCM” (A1/A+ p/s by Moody's/Fitch) hit the market today with $3bn 144A/Reg S 2-part sr secured fixed-rate amortizing bonds (12y final (10y WAL) and 18y final (14.5y WAL)). Pricing 7/17. Settle 7/31.

VIA:

- JPM (B&D on 18y)/StanChart (B&D on 12y) as joint global coordinators;
- BofA/Citi/CACIB/Miz/SG joint active books.
Passive books: ADCB/BNP/FAB/HSBC/MUFG/SMBNIK. Joint leads: ABC/BoC/CCB/Natixis/RIYCAP.

Announced overnight with benchmark size, we heard initial thoughts as 12yr T+205a; 18yr T+225a.

Guidance came in at 12yr T+175-180; 18yr T+195-200.

Ultimately, a $3bn deal priced as follows:

PRICED:
$1.4bn 5.8528% 2/23/36 100.00 5.852% T+170.
$1.6bn 6.1027% 8/23/42 100.00 6.102% T+195.

As for r/v, outstanding GASBCM was quoted as follows:

GreenSaif Pipelines Bidco (A1/NR/A+)

- GASBCM 5.780% due 08/23/32 (6.0 WAL) T+130bp (G129; $101.75) - $1,500m pxd FEB 2023

- GASBCM 6.129% due 02/23/38 (10.9 WAL) T+163bp (G160; $102.25) - $1,500m pxd FEB 2023

- GASBCM 6.510% due 02/23/42 (16.4 WAL) T+158bp (G169; $104.00) - $1,500m pxd FEB 2023

Based on the above we heard f/v was pegged as follows:

12yr/10yr WAL tranche T+160 f/v. At the T+170bp pricing level, 12YR/10YR WAL TRANCHE CONCESSION IS 10BP.

18yr/14.5yr WAL tranche T+180 f/v. At the T+195bp pricing level, 18YR/14.5YR WAL TRANCHE CONCESSION IS 15BP.

FINAL BOOK:

$3bn combined deal size. $7.90bn book across both tranches (2.63x); PEAK $9.200BN


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