| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | GASBCM | GreenSaif Pipelines Bidco SARL | $3,000 | 2 | EMEA | Jul 17, 2024 |
[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