April 25, 2019 / 6:56 AM / a month ago

KKR, BlackRock raising $3 billion for ADNOC pipeline deal -PFI

DUBAI, April 25 (Reuters) - U.S. investment firms KKR and BlackRock are raising a $3 billion loan to back the purchase of a 40 percent stake in ADNOC Oil Pipelines, an entity of the Abu Dhabi state oil company, according to Project Finance International, a news service that is part of Refinitiv.

BNP Paribas, SMBC, Mizuho, Santander and First Abu Dhabi Bank are leading the loan, which has a 23-year maturity and is now being syndicated to other banks, PFI reported.

ADNOC Oil Pipelines will lease the oil company's interest in 18 pipelines covering 350 km, transporting crude oil and condensates across ADNOC's upstream concessions, for 23 years.

ADNOC sealed the $4 billion pipeline deal in February.

Reporting by Davide Barbuscia; editing by Jason Neely

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