ADNOC pipeline investor Galaxy starts marketing three-part bonds -document

The amortizing bonds are split into three tranches ranging from seven and a half to 20 years

  
Staff are seen at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018.

Staff are seen at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE May 12, 2018.

REUTERS/Satish Kumar

DUBAI - Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi ADNOC's gas pipeline assets, started marketing a three-part dollar bond on Tuesday, a document showed.

The amortizing bonds are split into three tranches ranging from seven and a half to 20 years, according to the document issued by one of the banks leading the deal and seen by Reuters. They are being marketed with initial price guidance ranging from around 1.875% to 3.375%.

The issuer is owned by a consortium of investors including GIP, Brookfield, Singapore sovereign wealth fund GIC and European gas infrastructure owner and operator SNAM, which bought a stake in ADNOC's gas pipeline assets earlier this year. 

(Reporting by Davide Barbuscia; Editing by Kirsten Donovan) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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