Commentary & Deal Flow

Galaxy Pipeline Assets Bidco Ltd (ADGLXY) exp Aa2/NR/AA US$4bn 144A/3c7/Reg S 3-part senior secured notes (Series A, Series B, Series C). Citi (B&D on Ser B)/HSBC (B&D on Ser A&C) 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%.

PRICED:
$1.1bn Series A due 9/30/27 (4.05y AL) 1.75% at 100. +141.7 vs 0.25% Sep 25.
$1.55bn Series B due 3/31/36 (11.49y AL) 2.625% at 100. +184.9 vs 0.625% Aug 30.
$1.35bn Series C due 9/30/40 (17.98y AL) 3.25% at 100. +168.3 vs 1.25% May 50.