By Aleesia Forni
Virginia Beach, April 29 - The El Paso Pipeline Partners Operating Co. LLC priced $600 million of 10-year senior notes on Tuesday with a spread of Treasuries plus 160 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes priced at 99.968 to yield 4.304%.
The notes are guaranteed by El Paso Pipeline Partners LP.
The joint bookrunners for the offering were BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, Credit Agricole Securities (USA) Inc., SG Americas Securities LLC and Scotia Capital (USA) Inc.
Proceeds will be used to help fund the acquisition of a 50% equity interest in Ruby Pipeline Holding Co. LLP, an indirect 50% equity interest in Gulf LNG Holdings Group, LLC and an indirect 47.5% equity interest in Young Gas Storage Co., Ltd.
Located in Houston, El Paso Pipeline owns and operates natural gas transportation lines and storage assets.
| Issuer: | El Paso Pipeline Partners Operating Co. LLC
|
| Guarantor: | El Paso Pipeline Partners LP
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | May 1, 2024
|
| Bookrunners: | BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, Credit Agricole Securities (USA) Inc., SG Americas Securities LLC, Scotia Capital (USA) Inc.
|
| Co-managers: | CIBC World Markets Corp., ING Financial Markets LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc.
|
| Coupon: | 4.3%
|
| Price: | 99.968
|
| Yield: | 4.304%
|
| Spread: | Treasuries plus 160 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to Feb. 1, 2024, then callable at par
|
| Trade date: | April 29
|
| Settlement date: | May 2
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 175 bps area
|
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