EM-focused Galaxy Pipeline talks three-part dollar bond offering

By Rebecca Melvin

New York, Oct. 27 – Galaxy Pipeline Assets Bidco Ltd. was talking the pricing of a triple tranche of dollar-denominated bond benchmarks (expected ratings Aa2//AA) on Tuesday, according to market sources.

A tranche of 7.5- to 8.5-year bonds, with a weighted average life of four to five years, was being talked to yield in the area of 1 7/8%.

A 14- to 15-year bond, with a weighted average life of 11 to 12 years, was being talked to yield in the 2¾% area.

And a 19- to 20-year bond, with a weighted average life of 17 to 18 years, was being talked to yield in the area of 3 3/8%.

The Rule 144A and Regulation S deal was being marketed by Citigroup and HSBC as joint global coordinators and joint bookrunners together with joint bookrunners and joint lead managers BNP Paribas, FAB, Mizuho, MUFG, Standard Chartered Bank, ADCB, Credit Agricole CIB, ENBD Capital, Natixis, Samba, Santander, SMBC Nikko, Societe Generale, CaixaBank and DBS.

Listing on the Irish Stock Exchange plc and trading a Euronext Dublin is planned.

The debt, refinancing and acquisitions entity is based in the United Kingdom and is focused on the Middle East.

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