By Paul A. Harris
St. Louis, Nov. 22 - El Paso Energy Partners LP upsized to $200 million from $150 million its offering of 10 5/8% senior subordinated notes due Dec. 1, 2012 (B1/BB-) and priced it Friday at 99.242 to yield 10¾%, according to a market source.
Price talk was 10¾%-11%.
JP Morgan, Goldman Sachs & Co. and UBS Warburg were joint bookrunners. Wachovia Securities, Inc. was co-manager.
Proceeds from the Rule 144A notes will be used to help fund the acquisition of the San Juan assets from El Paso Corp.
The issuer is a Houston-based energy company.
Issuer: El Paso Energy Partners LP
Amount: $200 million (increased from $150 million)
Maturity: Dec. 1, 2012
Description of securities: Senior subordinated notes
Managers: JP Morgan, Goldman Sachs & Co., UBS Warburg (joint books)
Co-manager: Wachovia Securities, Inc.
Coupon: 10 5/8%
Price: 99.242
Yield: 10¾%
Price talk: | 10¾%-11%
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Call features: | Callable on Dec. 1, 2007 at 105.313, then at 103.542, 101.771, declining to par on Dec. 1, 2010 and thereafter
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Equity clawback: | Until Dec. 1, 2005 for 35% at 110.625
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Settlement date: | Nov. 27, 2002
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Ratings: | Moody's: B1
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| Standard & Poor's: BB-
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Rule 144A Cusip: | 28368QAE9
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