Commentary & Deal Flow

Galaxy Pipeline Assets BidCo Ltd (ADGLXY) exp Aa2/NR/AA US$3.92bn 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$1.75bn 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$2.17bn 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               COUPON SET                           
D: CT7+155a (indic ~2.38% area),   CT7+140a +/-5bps,   set at 2.16%, will px at par    
E: CT10+200a (indic ~3.16% area), CT10+185a +/-5bps,  set at 2.94%, will px at par

FINAL TERMS
Tranche D: $1.75bn 3/31/34 final maturity 7.3y WAL 2.16% coupon at 100.
Tranche E: $2.17bn 9/30/40 final maturity 12.5y WAL 2.94% coupon at 100

PRICED
Tranche D: $1.75bn 2.16% 3/31/34 100.00 2.16% T+133.8bp.
Tranche E: $2.17bn 2.94% 9/30/40 100.00 2.94% T+178bp.