Commentary & Deal Flow

Galaxy Pipeline Assets BidCo Ltd (the “Issuer”) has mandated Citi, HSBC and Mizuho as Joint Global Coordinators, alongside First Abu Dhabi Bank, Santander, SMBC Nikko and Societe Generale as Joint Bookrunners to organize a series of fixed income investor calls across the US, Europe, Asia and the Middle East, commencing on 8 February 2021.

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), holds 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 critical network of sales gas and Natural Gas Liquid pipelines, representing an important 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 dual-tranche amortizing offering will follow, subject to market conditions. The offering will comprise:

Tranche D: 12.5-13.5 Years (Final/Legal Maturity) / 6.5-7.5 Years (Weighted Average Life)
Tranche E: 19-19.75 Years (Final/Legal Maturity) / 12.5-13.5 Years (Weighted Average Life)
Expected ratings of the Notes are Aa2 by Moody’s and AA by Fitch.

FCA / ICMA stabilisation applies.