BlackRock-led investors in Aramco pipelines to raise $3 billion from bonds
Adds size, final spreads, demand, context throughout; byline
By Yousef Saba
July 17 (Reuters) -BlackRock-led BLK.N investors in Saudi Aramco's 2222.SE gas pipelines network will issue $3 billion of two-tranche amortizing bonds to refinance a loan used to buya stake in the holding company in 2021, a bank document with the final terms showed on Wednesday.
The investors had bought a 49% stake in Aramco Gas Pipelines Co in a $15.5 billion lease-and-leaseback agreement.
Bond proceeds will be used to refinance the $13.4 billion bridge loan that backed the deal.
Greensaif Pipelines Bidco, the issuer indirectly owned by BlackRock and Hassana Investment Co, will raise $1.4 billion from a tranche due in February 2036 at 170 basis points (bps) over current 10-year U.S. Treasuries and $1.6 billion from a tranche due in August 2042 at 195 bps over the same benchmark, the document showed.
The tranche maturing in 2036 has a weighted average life of 10.2 years and the bonds due in 2042 have a weighted average life of 14.7 years. Demand for the notes topped $9.2 billion, the document showed.
The spreads were tightened from initial guidance of around 205 and 225 basis points over U.S. Treasuries for the 2036 and 2042 bonds, respectively, fixed income news service IFR reported earlier.
In February last year, Greensaif raised $4.5 billion by selling amortising bonds.
BlackRock and its affiliates own 77.2% of Greensaif, while the rest is owned by Hassana, the investment arm of Saudi Arabia's General Organization of Social Insurance.
In a similar lease-and-leaseback deal in 2021, Aramco agreed to sell a 49% stake in its oil pipelines network to a consortium led by U.S.-based EIG Global Energy Partners for $12.4 billion.
Reporting by Yousef Saba, Shamsuddin Mohd and Mohammad Edrees; Editing by Richard Chang
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