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ENERGY & UTILITIES | Oil & Gas Production & Exploration

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Stage

Private Equity | Alive

Total Raised

$10.1B

Valuation

$0000 

Last Raised

$10.1B | 1 yr ago

About ADNOC Gas Pipeline Assets

ADNOC Gas Pipeline Assets is a newly formed subsidiary of Abu Dhabi National Oil Company (ADNOC).

ADNOC Gas Pipeline Assets Headquarter Location

Dubai,

United Arab Emirates

Latest ADNOC Gas Pipeline Assets News

ADNOC natgas pipeline investors Galaxy raise nearly $4b via bonds

Feb 10, 2021

The proceeds will be used to refinance, in whole or in part, existing bank financing Published:  February 10, 2021 07:39 Also in this package Dubai: Galaxy Pipeline Assets BidCo, owned by a consortium of investors that took a stake in Abu Dhabi National Oil Company's (ADNOC) natural gas pipeline assets, launched $3.92 billion in a dual-tranche amortising bond offering on Tuesday, a document showed. The Gulf has seen a flood of debt sales so far this year, as borrowers in the oil-dependent region take advantage of cheap rates and abundant global liquidity to plug finances hit by the pandemic-induced downturn. The issuer sold $1.75 billion in a tranche maturing on March 31, 2034 at 2.16% and $2.17 billion in a tranche maturing on Sept. 30, 2040 at 2.94% after receiving over $8 billion in combined orders, documents from banks running the deal showed. It had given initial price guidance of around 2.38% for the first tranche and around 3.16% for the second tranche. The amortising bonds have a weighted average life of 7.3 years and 12-1/2 years respectively, a document showed, meaning the principal will be repaid in those time frames. Citi, HSBC, Mizuho, FAB, Santander, SMBC Nikko, Societe Generale , ADCB, BNP, Credit Agricole , ENBD, Natixis, MUFG, Samba, Standard Chartered, Caixabank and DBS arranged the deal. Funds for refinancing The proceeds will be used to refinance, in whole or in part, existing bank financing, terminate hedging agreements and for transaction costs. The issuer comprises Global Infrastructure Partners, Brookfield Asset Management, Singapore's sovereign wealth fund GIC, Ontario Teachers' Pension Plan Board and Italy's SNAM. In July, the issuer acquired a 47.7% stake in ADNOC Gas Pipeline Assets, a subsidiary of ADNOC with lease rights to 38 pipelines, the bond prospectus seen by Reuters showed. ADNOC holds 51% and NH Investment & Securities holds 1.3%. The acquisition was backed by a $7.96 billion loan. In October, Galaxy raised $4 billion in a three-part bond sale. ADNOC leased its ownership of the pipeline assets to ADNOC Gas Pipeline Assets for 20 years in return for a volume-based tariff. The subsidiary will distribute 100% of free cash to the investors as quarterly dividends.

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