BlackRock-led investors in Aramco pipelines to get $4.5 bln in bond sale | Reuters
BlackRock Inc-led investors in Saudi Aramco's gas pipeline network are set to raise $4.5 billion from a sale of bonds to refinance a multi-billion dollar loan that backed their stake purchase, a bank document showed on Thursday.
The investors, including Saudi-backed Hassana Investment Co., had in 2021 taken a 49% stake in Aramco Gas Pipelines Co in a $15.5 billion lease-and-leaseback agreement.
They are now issuing amortising bonds and sukuk, or Islamic bonds, to begin refinancing the $13.4 billion bridge loan that backed the deal. BlackRock had last year held investor meetings in London to drum up interest in the planned bond sale, Reuters reported in September.
The debt sale is expected to be the first of several. Credit rating agency Moody's said it expected the issuer to raise around $11 billion with bonds and sukuk.
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