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Two separate El Paso subsidiaries to price $700 million on Friday
By Paul A. Harris
St. Louis, Feb. 24 - Two separate subsidiaries of El Paso Corp. expect to price a combined total of $700 million of seven-year non-call-four Rule 144A high yield notes (B1/B+) on Friday, according to a syndicate source.
Southern Natural Gas will bring $400 million of senior notes, $95 million of which will be retained for general corporate purposes, and the remainder to be used to pay a dividend to El Paso.
ANR Pipeline Co. will bring $300 million, with proceeds designated to retire payables to affiliates, with $25 million going for general corporate purposes.
Salomon Smith Barney and Credit Suisse First Boston are joint bookrunners. ABN Amro, BNP Nesbitt Burns and JP Morgan are co-managers.
Roadshows on both offerings are set to commence on Tuesday.
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