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El Paso expected to offer $500 million 15% five-year notes at a discount
By Paul A. Harris
St. Louis, Dec. 5 - El Paso Corp. is expected to offer $500 million of 15% five-year notes at a discount in the Dec. 8 week, according to a buyside source.
The paper would likely price with an original issue discount in the context of 90.00 to yield between 17% and 18%, according to a sellside source.
No bookrunner was disclosed, sources said.
The company declined to comment.
On May 22, 2008 El Paso priced $600 million of 10-year senior bullet notes (Ba3/BB-) at par to yield 7¼%.
Deutsche Bank Securities, Goldman Sachs & Co. and J.P. Morgan Securities Inc. were joint bookrunners for that deal.
El Paso is a Houston-based natural gas company.
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