Saudi Arabia’s EIG Pearl offers up to $4.4 billion of secured notes

By Cristal Cody

Chicago, Jan. 13 – EIG Pearl Holdings Sarl is offering two tranches of senior secured notes (//A), a market source told Prospect News.

The total deal size is proposed to come between $3.5 billion and $4.4 billion.

Notes that are expected to come with a tenor between 14.5 years and 15 years are being talked in the Treasuries plus 185 basis points area.

Also with the tenor not locked down and in a range, but of 24.5 years to 25 years, the second tranche has talk in the 235 bps area over Treasuries.

Active bookrunners are Citi Securities, JPMorgan Securities plc, BNP Paribas, First Abu Dhabi Bank, HSBC, Mizuho Securities, MUFG and SMBC Nikko.

Passive bookrunners are Abu Dhabi Commercial Bank, Bank of China, Credit Agricole CIB and Standard Chartered Bank.

The deal is being distributed through Rule 144A and Regulation S.

Listing will be on the London Stock Exchange.

The issuer owns 49% of AssetCo, which owns usage lease rights to a stabilized crude oil pipeline network in Saudi Arabia, according to Fitch Ratings. Saudi Aramco owns 51% of AssetCo, operates the pipeline network and pays a tariff for its usage.

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