Published on 7/16/2003 in the Prospect News High Yield Daily.
New Issue: El Paso Natural Gas $355 million seven-year notes yield 7 7/8%
By Paul A. Harris
St. Louis, July 16 - El Paso Natural Gas Co. sold $355 million of 7 5/8% senior notes due Aug. 1, 2010 (B1/B+) at 98.667 on Wednesday to yield 7 7/8%, according to syndicate sources.
Price talk was for a yield of 7¼%-7½%. The deal was increased from $350 million.
Citigroup and Credit Suisse First Boston were joint bookrunners on the Rule 144A deal. The co-managers were Banc of America Securities, SG Cowen and Bank of Tokyo Mitsubishi.
Proceeds will be used to fund the Western power settlement.
Issuer: | El Paso Natural Gas Co.
|
Amount: | $355 million (increased from $350 million)
|
Maturity: | Aug. 1, 2010
|
Security description: | Senior notes
|
Bookrunners: | Citigroup, Credit Suisse First Boston
|
Co-managers: | Banc of America Securities, SG Cowen, Bank of Tokyo Mitsubishi
|
Coupon: | 7 5/8%
|
Price: | 98.667
|
Yield: | 7 7/8%
|
Spread: | 443 basis points
|
Call features: | Make-whole call at T+75 basis points until Aug. 1, 2007, then callable at 103.813, 101.906, declining to par on Aug. 1, 2009 and thereafter
|
Settlement date: | July 21, 2003
|
Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
Rule 144A Cusip: | 283695BL7
|
Price talk: | 7¼%-7½%
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.