Commentary & Deal Flow

Galaxy Pipeline Assets BidCo Ltd (ADGLXY) exp Aa2/NR/AA US$ benchmark 144A/Reg S 2-part fully amortizing sr secured notes via Citi (B&D on D tranche)/HSBC (B&D on E tranche)/Miz (JGCs) / First Abu Dhabi/Santander/SMBC Nikko/SG (JBRs). Joint Lead Managers: ADCB, BNP, CACIB, ENBD, Natixis, MUFG, Samba and Standard Chartered Bank. Co-Lead Managers: Caixabank, DBS. Governing Law: English Law with security documents governed by Abu Dhabi Law or Jersey Law. Listing: Global Exchange Market of the Irish Stock Exchange plc, trading as Euronext Dublin. UOP: refinance, in whole or in part, existing bank financing, termination of hedging agreements and transaction costs. Pricing today. Settle 2/18.

Tranche D: US$ benchmark 12.5-13.5 Years (Final/Legal Maturity) / 6.5-7.5 Years (Weighted Average Life). IPTs: CT7+155 area (indic ~2.38% area). 
Tranche E: US$ benchmark 19-19.75 Years (Final/Legal Maturity) / 12.5-13.5 Years (Weighted Average Life). IPTs: CT10+200 area (indic ~3.16% area).

IPT                                                    GUIDANCE:
D: CT7+155a (indic ~2.38% area),   CT7+140a +/-5bps
E: CT10+200a (indic ~3.16% area), CT10+185a +/-5bps

Books subject globally.
Expect TOTAL size of min 3bn.