New Issue: GulfTerra Energy Partners upsizes to $250 million, seven-year notes yield 6 ¼% in Thursday drive-by

By Paul A. Harris

St. Louis, June 26 - GulfTerra Energy Partners L.P. priced an upsized quick-to-market offering of $250 million (from $200 million) of senior notes due June 1, 2010 (Ba3/BB) at par, Thursday, to yield 6 ¼%, according to a market source.

Price talk was 6 ¼% area.

JP Morgan and Credit Suisse First Boston were joint bookrunners on the Rule 144A deal.

The Houston-based issuer, formerly El Paso Energy Partners, operates a network of oil and gas pipelines and platforms in the Gulf of Mexico.

Issuer:	GulfTerra Energy Partners L.P.
Amount:	$250 million (from $200 million)
Maturity:	June 1, 2010
Security description:	Senior notes
Bookrunners:	JP Morgan, Credit Suisse First Boston
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Spread:	317 basis points
Calls:	T+50 basis points make-whole call
Settlement date:	July 3, 2003
Ratings:	Moody's: Ba3
	Standard & Poor's BB
Price talk:	6¼% area

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