Milbank advises on USD3 billion Bond Offering by GreenSaif Pipelines BidCo S.à r.l

Milbank LLP has advised the dealers on the offering of $1.4B Notes due 2036 and USD1.6B Notes due 2042 by GreenSaif Pipelines BidCo S.à r.l (“GreenSaif”) under its USD11.5B GMTN Programme.  The proceeds were used for the refinancing of its bridge facility, which was entered into in connection with GreenSaif’s acquisition of a minority stake in Aramco Gas Pipelines Company, a subsidiary of Saudi Arabian Oil Company (“Saudi Aramco”).

GreenSaif, owned by a BlackRock-led consortium of financial investors, acquired a 49 per cent stake in Aramco Gas Pipelines Company in 2022 and has rights to 20 years of tariff payments for natural gas transported through Saudi Aramco’s domestic natural gas pipeline network.

The dealers included J.P. Morgan and Standard Chartered Bank as global coordinators and joint bookrunners, in addition to a syndicate of joint bookrunners, joint passive bookrunners and co managers.

The Milbank European Leveraged Finance/Capital Markets team was led by partners Apostolos Gkoutzinis and Trevor Truman and included associates Maria C. Schweinberger and Rishi Ray and legal assistant Alexander Hamilton. The Milbank Global Project, Energy and Infrastructure Finance team was led by partner Munib Hussain and included associate Walter Piazza and trainee solicitor Duncan Moore.