Adnoc investor group Galaxy raises triple trancher in biggest ever project bond

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By Mariam Meskin
28 Oct 2020

Galaxy Pipeline Assets Bidco, a group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $8bn in a pipeline partnership deal earlier this year, has raised a $4bn triple tranche bond to refinance half of the loan that funded the team-up. The deal is, according to banks, the largest project bond ever raised.

The multi-tranche $4bn senior secured Reg S/144A amortising bonds, rated Aa2/AA by Moody’s and Fitch, priced on Tuesday.

The $1.1bn 1.75% September 2027 was priced at a spread of 141.7bp over US Treasuries. The $1.55bn 2.625% March 2036s came at a spread of US Treasuries plus 184.9bp, while the ...

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