Financial Firm Offers Guidance on EIG Pearl’s B Senior Debt Refinancing Program

Milbank LLP, a leading global law firm, recently played a key role in advising financing sources on a significant .2 billion senior debt refinancing program for EIG Pearl Holdings S.à r.l. This financing deal was a crucial step in the aftermath of EIG Pearl Holdings’ acquisition of a 49% stake in Aramco Oil Pipelines Company, a subsidiary of the energy giant Saudi Aramco, in June 2021.

The senior debt refinancing program, facilitated by Milbank LLP, allowed EIG Pearl Holdings to repay amounts drawn under an acquisition debt facility that had been utilized for the acquisition of the stake in Aramco Oil Pipelines Company. This subsidiary of Saudi Aramco holds valuable usage lease rights for a substantial pipeline network in the Kingdom of Saudi Arabia, making it a significant player in the energy sector.

The completion of this refinancing program further underscores the growing involvement of global capital providers in transactions related to energy assets in the Kingdom of Saudi Arabia. A substantial portion of the total invested capital, amounting to approximately .5 billion or 65%, was contributed by a diverse group of institutional investors and lenders from prominent financial hubs such as the United States, China, Japan, Korea, the United Arab Emirates, and other global institutions.

The team at Milbank LLP that spearheaded this complex financing deal was led by seasoned partners specializing in Corporate Finance and Securities and Project, Energy, and Infrastructure Finance. Apostolos Gkoutzinis, a prominent figure in the Corporate Finance and Securities practice, played a pivotal role in structuring and executing this refinancing program. Joining him were Mohammad Munib Hussain, an expert in Project, Energy, and Infrastructure Finance, and Joji Ozawa, who provided specialized legal counsel on this high-stakes transaction.

This successful collaboration between EIG Pearl Holdings S.à r.l., Milbank LLP, and a diverse group of global investors highlights the robust international investment landscape in the energy sector, particularly in strategic regions like the Kingdom of Saudi Arabia. The involvement of key stakeholders from major financial markets signifies the confidence and interest in partnering with established entities to drive growth and innovation in the energy infrastructure space.

The financial backing provided through this senior debt refinancing program will not only support EIG Pearl Holdings in repaying its acquisition debt but also strengthen its position in the energy market, enabling it to capitalize on the lucrative opportunities presented by its stake in Aramco Oil Pipelines Company. By leveraging the expertise and network of global investors and legal advisors like Milbank LLP, EIG Pearl Holdings stands poised to navigate the complexities of the energy industry and maximize the potential of its investments.

As the global energy landscape continues to evolve, strategic financial transactions like the senior debt refinancing program for EIG Pearl Holdings serve as a testament to the innovation and collaboration driving growth in the sector. With a diverse array of international investors contributing to the financing of critical energy infrastructure projects, the Kingdom of Saudi Arabia and other key markets are poised for sustained development and expansion in the years to come.

In conclusion, the successful completion of the .2 billion senior debt refinancing program for EIG Pearl Holdings S.à r.l., with the support and expertise of Milbank LLP, marks a significant milestone in the energy sector’s financial landscape. By forging partnerships with global investors and leveraging legal counsel from leading law firms, entities like EIG Pearl Holdings are well-positioned to capitalize on emerging opportunities and drive meaningful progress in the energy infrastructure space.