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Milbank LLP advised the financing sources on an $11.2 billion senior debt refinancing program to EIG Pearl Holdings S.à r.l., with proceeds used to repay amounts drawn under an acquisition debt facility that was used to finance its June 2021 acquisition of a 49% interest in Aramco Oil Pipelines Company, a subsidiary of Saudi Aramco, which owns usage lease rights in respect of a large pipeline network in the Kingdom of Saudi Arabia.
The completion of this senior debt refinancing program further expands the participation of global capital providers in this transaction and underlying asset in the Kingdom of Saudi Arabia. Approximately $8.5 billion, or 65% of the total invested capital, came from a global group of well-known institutional investors and lenders from the United States, China, Japan, Korea, and the United Arab Emirates, and other global institutions.
The Milbank team was led by Corporate Finance and Securities partner Apostolos Gkoutzinis, Project, Energy and Infrastructure Finance partner Munib Hussain and special counsel Joji Ozawa.
