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09-09-21
Bond sale to refinance loan to buy 49 percent stake in Aramco's pipeline network
(MENAFN)According to two sources familiar with the matter, a group led by EIG Global Energy Partners that took a share in Saudi Aramco’s oil pipelines plan to mark more than USD4 billion in the October- December period to refund a loan that largely funded the USD12.4 billion deal.
The mentioned agreement offered the group led by EIG a 49 percent share 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.
The said deal that contains all of Aramco’s existing and future stabilized crude pipelines, was supported by USD10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.
In addition, the bonds are going to be refunded across two or three deals.
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