RIYADH: A consortium of investors in Saudi Aramco's oil pipelines, led by Washington-based EIG, is preparing to sell billions of dollars of bonds as soon as this week, Bloomberg reported citing people familiar with the matter.
The consortium may raise at least $4.5 billion of bonds, three of the people said. The aim is to refinance a loan of about $10.5 billion taken on to fund the pipeline investment.
Citigroup Inc. and JPMorgan Chase & Co. will be among the banks managing the sale, the people said, asking not to be named for matters of privacy.
China’s Silk Road Fund and Abu Dhabi sovereign wealth fund Mubadala Investment Co. were also part of the consortium that paid $12.4 billion for a 49 percent stake in an Aramco subsidiary that has leasing rights over the pipelines. The deal was completed in June.
Aramco is looking for new ways to raise cash to maintain a $75 billion dividend and complete huge investment plans, Bloomberg said.
