Goldman Sachs said to buy into Aramco’s $10 bln loan

Goldman Sachs has bought a part of Saudi Aramco's $10 billion credit facility, as it seeks a role in the oil company’s historic initial public offering (IPO), Reuters reported citing sources familiar with the matter.

The US-based finance company bought several million dollars of a revolving credit facility, which Aramco has signed with a number of banks in 2015, in the secondary market from Australia and New Zealand Banking Group, two sources said.

The bank was not part of the original list of 27 banks on the credit facility, which included other American, European, Asian and regional banks such as Citigroup, JPMorgan, HSBC and Bank of China.

It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals, according to Reuters.

As Saudi Aramco plans to raise $100 billion from listing up to 5 percent of its shares in Saudi Arabia and one or more venues overseas, Goldman Sachs was expecting to join JPMorgan Chase, Morgan Stanley and HSBC who have been hired as financial advisors.