DUBAI – Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi National Oil Company’s (ADNOC) gas pipeline assets, began selling dual-tranche U.S. dollar-denominated bonds on Tuesday, a document showed.
It gave initial price guidance of around 2.38% for a tranche maturing in 12-1/2 to 13-1/2 years and around 3.16% for a tranche maturing in 19 to 19-3/4 years. The amortising bonds have a weighted average life of 6-1/2 to 7-1/2 years and 12-1/2 to 13-1/2 years respectively.
Citi, HSBC, Mizuho, First Abu Dhabi Bank, Santander, SMBC Nikko and Societe Generale are arranging the deal, expected to close later on Tuesday.
(Reporting by Yousef Saba; editing by Jason Neely) ((Yousef.Saba@thomsonreuters.com; +971562166204))
