EIG Pearl completes $11b senior debt refinancing program
Investors - JULY 2, 2024

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EIG Pearl completes $11b senior debt refinancing program

by Kali Persall

EIG Pearl, a holding company formed and managed by EIG, has completed an approximately $11.2 billion senior debt refinancing program.

The proceeds will be used to repay amounts drawn under an acquisition debt facility that was used to finance its June 2021 acquisition of a 49 percent interest in Aramco Oil Pipelines Company (AOPC). This brings the total capital invested in Aramco Oil Pipelines to approximately $13 billion.

EIG Pearl’s pro forma capital structure includes $11.2 billion of senior secured public bonds and private debt facilities with a 16-year remaining weighted average life and $1.9 billion of common equity invested in June 2021 to partially fund the initial acquisition.

Around $8.5 billion — or 65 percent of the total invested capital — came from a global group of well-known institutional investors and lenders from the United States, China, Japan, Korea, the United Arab Emirates and other global institutions.

EIG Pearl said the compl

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