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El Paso to redeem all $300 million Coastal Finance I 8 3/8% preferreds
By Jennifer Chiou
New York, Jan. 10 - El Paso CGP Co., LLC (The Coastal Corp.) announced the redemption of all of subsidiary Coastal Finance I's $300 million 8 3/8% trust-originated preferred securities due 2038.
The redemption date is Feb. 8.
The company said it will redeem each preferred at $25.00 plus accrued interest.
The Bank of New York Trust Co., NA is paying agent.
The Houston natural gas provider is a subsidiary of El Paso Corp.
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