By Rebecca Melvin
New York, Oct. 26 – Abu Dhabi Crude Oil Pipeline LLC, wholly owned by Abu Dhabi National Oil Co., priced $3.04 billion of senior notes (expected rating: AA/AA) in 12-year and 30-year tranches on Thursday, a market source said.
The deals were multiple times oversubscribed, with order books topping $11 billion, skewed to the 30-year notes.
The $837 million tranche of 2029 bullet notes priced at par with a 3.65% coupon, which was the tight end of guidance for a coupon of 3.65% to 3.75%, revised from earlier talk in the 3.9% area.
The $2.2 billion tranche of 2047 amortizing notes came at par with a 4.6% coupon, which was the tight end of 4.6% to 4.7% final guidance, which was revised from earlier talk in the 4.8% area.
First Abu Dhabi Bank AB, HSBC (billing and delivery), JPMorgan and MUFG are joint global coordinators and bookrunners of the Rule 144A and Regulation S notes. Joint lead managers are BNP Paribas, Citigroup, Mizuho Securities, Societe Generale CIB and Standard Chartered Bank.
Settlement is expected Nov. 2.
ADCOP channels about 23% of Abu Dhabi’s crude oil exports from Abu Dhabi to Fujairah on the Indian Ocean.
| Issuer: | Abu Dhabi Crude Oil Pipeline LLC
|
| Description: | Senior notes
|
| Amount: | $3,037,000,000
|
| Joint bookrunners: | First Abu Dhabi Bank AB, HSBC (billing and delivery), JPMorgan and MUFG
|
| Joint lead managers: | BNP Paribas, Citigroup, Mizuho Securities, Societe Generale CIB and Standard Chartered Bank
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 2
|
| Expected ratings: | S&P: AA
|
| Fitch: AA
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2029
|
| Amount: | $837 million
|
| Maturity: | Nov, 2, 2029
|
| Coupon: | 3.65%
|
| Price: | Par
|
| Yield: | 3.65%
|
| Price talk: | Guided to 3.65%-3.75%, from revised talk in the 3.9% area
|
|
|
| Notes due 2047
|
| Amount: | $2.2 billion
|
| Maturity: | Nov. 2, 2047
|
| Coupon: | 4.6%
|
| Price: | Par
|
| Yield: | 4.6%
|
| Price talk: | Guided to 4.6%-4.7%, revised from 4.8% area
|
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