DUBAI, Feb 9 (Reuters) - Investors in Saudi Aramco's gas pipelines network, led by BlackRock Inc, have begun a sale of dollar bonds in three tranches to refinance a multi-billion dollar loan that backed their stake purchase, a bank document showed.
Initial price guidance was around 240 basis points (bps) over U.S. Treasuries (UST) for sukuk, or Islamic bonds, with a weighted average life (WAL) of 7-1/2 years, the document showed.
Guidance was around 275 bps over UST for a tranche with a 12-year WAL and around 305 bps over UST for Formosa bonds with an 18-year WAL. The deal is expected to price late on Thursday.
Reporting by Yousef Saba; editing by Jason Neely