Commentary & Deal Flow

GreenSaif Pipelines Bidco Sarl (GRPIBI), exp A1 (stable) by Moody's / A (positive) by Fitch, US$4.5bn 3-part sr secured notes. BNP/HSBC/JPM as global coordinators. Law. English Law with security documents governed by KSA, Luxembourg or English Law. Pricing 2/9. Settle 2/23.
- TMS Issuer Sarl (Obligor: GreenSaif Pipelines Bidco Sarl) US$1.5bn 144A/Reg S 10y sr secured Sukuk (not countable). WAL: ~7.5yrs. Repayment: sculped, amortizing repayment profile. BNP/Citi/FADB/HSBC (B&D)/JPM/MUFG/SMBC Nikko as JBRs/JLMs. Passive books: ADCB/Aljazira Capital/BofA/CACIB/GIB Capital/Miz/SNB/SG/SCB. Co-lead Mgrs: ABCI, BoC, CCB, Natixis, Riyad Capital. IPTs: T+240 area.
- GreenSaif Pipeline Bidco Sarl US$1.5bn 144A/Reg S conventional 15y senior secured notes. WAL: ~12yrs. Repayment: sculped, amortizing repayment profile. BNP/Citi/FADB/HSBC/JPM (B&D)/MUFG/SMBC Nikko as JBRs/JLMs. Passive books: ADCB/BofA/CACIB/Miz/SG/SCB. Co-lead Mgrs: ABCI, BoC, CCB, ICBC, Natixis, Riyad Capital. IPTs: T+275 area.
- GreenSaif Pipeline Bidco Sarl US$1.5bn 144A/Reg S conventional, dual listed formosa 19y senior secured notes. WAL: ~18yrs. Repayment: sculped, amortizing repayment profile. BNP Taipei Branch (B&D)/Citi Taiwan Ltd/HSBC (Taiwan)/JPM (Taiwan) as JBRs/JLMs. Structuring Agents: FADB/MUFG/SMBC Nikko. IPTs: T+305 area.

PRICE GUIDANCE:
Tranche A : CT7+210a (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final)
Tranche B : CT10+255a (RegS/144a, Conventional, c. 12y WAL, c. 15y final)
Tranche C : CT30+285a (RegS/144a, dual listed Formosa, c. 18y WAL, c. 19y final)

LAUNCHED:
Tranche A (HSBC B&D): $1.5bn @ CT7+200bps the number (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final)
Tranche B (JPM B&D) : $1.5bn @ CT10+245bps the number (RegS/144a, Conventional, c. 12.3y WAL, c. 15y final)
Tranche C (BNP B&D) : $1.5bn @ OLB30+275bps the number (RegS/144a, dual listed Formosa, c. 17.8y WAL, c. 19y final)

PRICED:
Tranche A: $1.5bn 5.78% 2/23/32 100.00 CT7+200 (RegS/144a, Sukuk, c. 7.5y WAL, c. 10y final).
Tranche B: $1.5bn 6.129% 2/23/38 100.00 CT10+245 (RegS/144a, Conventional, c. 12.3y WAL, c. 15y final).
Tranche C: $1.5bn 6.510% 2/23/42 100.00 OLB30+275 (RegS/144a, dual listed Formosa, c. 17.8y WAL, c. 19y final).