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Aramco, one of the world’s leading integrated energy and chemicals companies, today announced that it has completed a bond issuance of $6 billion. The issuance is comprised of three tranches of USD-denominated senior unsecured notes under Aramco’s Global Medium Term Note Program (“GMTN”).
The tranches include:
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$2 billion senior notes maturing in 2034 with a coupon rate of 5.250%;
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$2 billion senior notes maturing in 2054 with a coupon rate of 5.750%; and
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$2 billion senior notes maturing in 2064 with a coupon rate of 5.875%.
The transaction was priced on July 10, 2024, and the notes are listed on the London Stock Exchange.
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The offering was more than six times oversubscribed, based on the initial targeted size of $5 billion.
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The transaction received strong demand from a diverse base of investment-grade focused institutional investors.
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All three tranches were favorably priced with a negative new issue premium, reflecting Aramco’s strong credit profile.
Ziad T. Al-Murshed, Aramco Executive Vice President of Finance & CFO, said: “We are pleased with the strong interest and level of engagement from investors globally, both existing and new. Our order book exceeded $33 billion at its peak, reflecting Aramco’s exceptional financial resilience and fortress balance sheet. Achieving a negative issue premium across all tranches is a testament to our unique credit proposition. We have consistently demonstrated our financial discipline, while delivering on shareholder value and business growth, and we aim to maintain a strong investment-grade credit rating across business cycles.”