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Southern Natural Gas, Colorado Interstate Gas get consents needed for seven series of notes
By Angela McDaniels
Seattle, Oct. 12 - Southern Natural Gas Co. and Colorado Interstate Gas Co. said they received consents from holders of a majority of Southern Natural Gas' 6 1/8 % notes due 2008, 5.9% notes due 2017, 7.35% notes due 2031 and 8% notes due 2032 and Colorado Interstate Gas' 5.95% senior notes due 2015, 6.8% senior notes due 2015 and 6.85% senior notes due 2037.
The consent solicitation began on Sept. 28 and ended at 5 p.m. ET on Thursday.
Noteholders who submitted consents will receive a consent fee of $2.50 for each $1,000 principal amount of notes.
In a previous news release, the companies said they were soliciting consents to amend the note indentures to allow them to each convert to a non-corporate legal entity such as a general partnership, limited partnership or limited liability company in connection with the formation by parent company El Paso Corp. of a master limited partnership that will own an interest in Southern Natural Gas and Colorado Interstate Gas.
The amendments will become effective once the supplemental indentures incorporating the amendments are executed, which the companies expect to occur "promptly."
Merrill Lynch & Co. and JPMorgan were the solicitation agents, and Global Bondholder Services Corp. was the information agent.
Southern Natural Gas and Colorado Interstate Gas are subsidiaries of El Paso, a Houston-based provider of natural gas and related energy products.
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