Arendt advised BNP Paribas, HSBC Bank plc, J.P. Morgan Securities plc as global coordinators and joint bookrunners, in addition to a syndicate of joint bookrunners, joint passive bookrunners and co-lead managers, in its capacity as Luxembourg advisor on a USD 1.5 billion first-of-a-kind project sukuk issuance by TMS Issuer S.à r.l. as well as a USD 3 billion notes issuance (which includes a Taipei Exchange-listed Formosa series) under recently established USD 11.5 billion GMTN programme by GreenSaif Pipelines BidCo S.à r.l. (“GreenSaif”), for the refinancing of a bridge facility entered into in connection with GreenSaif’s acquisition of a minority stake in Aramco Gas Pipelines Company, a subsidiary of Saudi Arabian Oil Company (“Saudi Aramco”).
The sukuk structure is comprised of a Wakala-Murabaha formation which uses GreenSaif’s shares in Aramco Gas Pipelines, a subsidiary of Saudi Aramco, as the underlying asset. Arendt advised on the Luxembourg law aspects of the structuring and implementation of this landmark project sukuk structure.
GreenSaif, owned by a BlackRock led consortium, acquired a 49% stake in Aramco Gas Pipelines Company and has rights to 20 years of tariff payments for natural gas transported through Saudi Aramco’s domestic natura gas pipeline network.