Simpson Thacher represented Global Infrastructure Partners, a part of BlackRock, in connection with the establishment of a $8.0 billion Global Medium Term Note Programme (the “Programme”) by its portfolio company Green Palm Bidco S.à r.l. (“Green Palm”) and the issuance by Green Palm of $1.5 billion aggregate principal amount of 5.9573% senior notes due 2041 and $2.0 billion aggregate principal amount of 6.4623% senior notes due 2046 under the Programme. Both series of notes were issued pursuant to Rule 144A and Regulation S. Concurrently with the issuance of the notes, Green Palm upsized its bridge facility for an aggregate amount of $13.1 million, to be utilized for debt service.
The proceeds from the issuances of the notes, along with certain hedging proceeds, were used to repay a portion of Green Palm’s existing $7.8 billion bridge facility relating to its acquisition of a minority interest in Jafurah Midstream Gas Company (“JMGC”) (a subsidiary of Saudi Arabian Oil Company).
Jafurah is the largest non-associated gas development in the Kingdom of Saudi Arabia, estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion Stock Tank Barrels of condensate. It is a key component in Aramco’s plans to increase gas production capacity by 60% between 2021 and 2030, to meet rising demand.
The Simpson Thacher team included Gil J. Strauss, Paul Hibbert, Surya Bala, Iakovos Anagnostopoulos, Mark Nichol, Alessio D’ Alessandro, Lampros Anastasopoulos and Catrin Howells (Finance and Capital Markets).