By Paul A. Harris
St. Louis, March 2 - Colorado Interstate Gas Co. priced a $200 million issue of 10-year senior unsecured notes (existing B1/confirmed B-) at par to yield 5.95% in a quick-to-market transaction, according to a syndicate source.
The notes priced at a spread of 158 basis points, slightly wide of the mid-point of the Treasuries plus 150 to 162.5 basis points price talk.
Citigroup and Credit Suisse First Boston ran the books for the Rule 144A issue. The co-managers were BNP Paribas, Fortis, Scotia Capital and The Royal Bank of Scotland.
Proceeds will be used to repay $180 million of 10% senior debentures due June 15, 2005 and for general corporate purposes.
The Houston-based issuer, a subsidiary of El Paso Corp., owns and operates an interstate gas pipeline system and produces, purchases, stores and sells natural gas.
Issuer: | Colorado Interstate Gas Co.
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Amount: | $200 million
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Maturity: | March 15, 2015
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Security description: | Senior unsecured notes
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Bookrunners: | Citigroup, Credit Suisse First Boston
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Co-managers: | BNP Paribas, Fortis, Scotia Capital, The Royal Bank of Scotland
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Coupon: | 5.95%
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Price: | Par
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Yield: | 5.95%
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Spread: | 158 basis points
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Call protection: | Make-whole call
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Trade date: | March 2
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Settlement date: | March 9
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Ratings: | Moody's: existing B1
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| Standard & Poor's: B-
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Price talk: | Treasuries plus 150-162.5 basis points
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