UPDATE 1-Bidders for ADNOC gas pipelines in talks for $8 billion loan - sources [Reuters]
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Source: Reuters
Bidders for ADNOC gas pipelines in talks for $8 billion loan: sources MILAN/DUBAI (Reuters) - A consortium of bidders including U.S.-based Global Infrastructure Partners (GIP) is in talks with banks for an $8 billion loan to back their investment in Abu Dhabi National Oil Co’s (ADNOC) natural gas pipeline assets, three sources said. The talks with banks had been going on for weeks and it was not clear when the deal would be finalised, particularly amid challenging market conditions and plunging oil prices, said one of the sources. The consortium of bidders included GIP, Brookfield Asset Management and Italian infrastructure firm Snam, said the sources, with one of them adding GIP would have by far the biggest stake in the consortium. GIP, ADNOC, Snam and Brookfield declined to comment on the financing discussions, which were first reported by Bloomberg. More than 20 banks were involved in the discussions, one source said. BlackRock, along with buyout firm KKR & Co, last year bought a
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