Abu Dhabi Crude Oil Pipeline guides $3 billion notes due 2029, 2047

By Rebecca Melvin

New York, Oct. 25 – Abu Dhabi Crude Oil Pipeline LLC, wholly owned by Abu Dhabi National Oil Co., guided talk on its $3 billion offering of senior notes (expected rating: /AA/AA) in 12-year and 30-year tranches, a market source said.

Pricing of the $800 million tranche of 2029 bullet notes was guided to a yield in the 3.9% area.

The $2.2 billion tranche of 2047 amortizing notes was guided to a yield in the 4.8% area.

Pricing of the Rule 144A and Regulation S notes was expected to occur on Thursday with settlement on Nov. 2.

First Abu Dhabi Bank AB, HSBC, JPMorgan and MUFG are joint global coordinators and bookrunners of the deal. Joint lead managers are BNP Paribas, Citigroup, Mizuho Securities, Societe Generale CIB and Standard Chartered Bank.

ADCOP channels about 23% of Abu Dhabi’s crude oil exports from Abu Dhabi to Fujairah on the Indian Ocean.

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