Aramco oil pipelines investors to sell at least $4 bln in bonds in Q4 - sources | Reuters
A consortium led by EIG Global Energy Partners that took a stake in Saudi Aramco's oil pipelines is preparing to issue at least $4 billion in the fourth quarter to refinance a loan that largely funded the $12.4 billion deal, two sources familiar with the matter said.
The deal gave the consortium controlled by EIG a 49% stake in a new entity, Aramco Oil Pipelines Company, and rights to 25 years of tariff payments for oil transported through Aramco's extensive oil pipelines network.
That deal, which includes all of Aramco's existing and future stabilised crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.
The bonds will be refinanced across two or three deals, sources have said.
The pipeline investors will likely accelerate to the fourth quarter a previous timeline to come to market with the first bonds, one of them adding it would likely be next month.
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