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Saudi Arabia's Public Investment Fund lines up three-part note sale
Chicago, Feb. 7 – GACI First Investment Co. was in the market on Tuesday with a three-part offering of senior notes (A1//A) that include a green component, according to a market source.
Public Investment Fund is guaranteeing the notes.
Final terms were not available at press time, but the deal was expected to be dollar-denominated with all three tranches benchmark-size.
Initial price talk on a tranche due Feb. 14, 2030 was in the Treasuries plus 145 basis points area (ISIN: XS2585987683).
A tranche due Feb. 14, 2035 started with talk in the Treasuries plus 175 bps area (ISIN: XS2585988061).
And, a tranche of notes with a Feb. 14, 2053 maturity date had talk in the Treasuries plus 215 bps area (ISIN: XS2585988145).
Potentially, a source was reporting a discount of around 93.
All of the notes will have par calls: one month before maturity for the notes due 2030, three months for the notes due 2035 and six months for the notes due 2053.
Proceeds will be used for general corporate purposes and for green project purposes.
Goldman Sachs International (billing and delivery), J.P. Morgan and Standard Chartered Bank are the global coordinators.
BofA Securities, BNP Paribas, Citi, First Abu Dhabi Bank PJSC, HSBC Bank plc and Morgan Stanley & Co. are active bookrunners.
Joining as joint passive bookrunners are Credit Agricole CIB, GIB Capital, ICBC International Securities Limited, Mizuho, SMBC Nikko and Societe Generale.
The green structurers are Credit Agricole CIB and Standard Chartered Bank.
The Regulation S deal is expected to settle on Feb. 14.
The notes will be listed on the International Securities Market of the London Stock Exchange.
GACI First Investment Co. is an offshore special purpose vehicle fully owned by Saudi Arabia's Sovereign Wealth Fund, PIF, which guarantees the SPV's payment obligations.
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