EM-focused Galaxy Pipeline guides pricing for two series of notes

By Rebecca Melvin

New York, Feb. 9 – Galaxy Pipeline Assets Bidco Ltd. guided the pricing for two series of benchmark dollar-denominated bonds (expected ratings Aa2//AA) on Tuesday, according to market sources.

A tranche of 12.5-year to 13.5-year bonds, with a weighted average life of 6.5 years to 7.5 years, was being talked to yield in the area of Treasuries plus 155 basis points.

A 19-year to 19.5-year bond, with a weighted average life of 12.5 years to 13.5 years, was being talked to yield in the area of Treasuries plus 200 bps.

The order books at the time guidance was released were in excess of $8.5 billion, with the deal size expected to total a minimum of $3 billion.

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

The proceeds are expected to be used to refinance existing bank financing, to terminate hedging agreements and for transaction costs.

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

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