By Paul A. Harris
St. Louis, Dec. 6 - Kinder Morgan Finance priced an upsized $750 million issue of 6% seven-year senior secured notes (Ba1/BB/BB+) at 99.993 to yield 6% on Monday, according to market sources.
The yield printed at the tight end of the 6 1/8% area price talk.
Citigroup Global Markets Inc. and Barclays Capital Inc. priced the issue, which was upsized from $600 million.
Proceeds will be used to refinance debt.
Kinder Morgan is a pipeline operator based in Houston.
| Issuer: | Kinder Morgan Finance
|
| Amount: | $750 million, increase from $600 million
|
| Maturity: | Jan. 15, 2018
|
| Securities: | Senior secured notes
|
| Managers: | Citigroup Global Markets Inc., Barclays Capital Inc.
|
| Coupon: | 6%
|
| Price: | 99.993
|
| Yield: | 6%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 20
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A
|
| Price talk: | 6 1/8% area
|
| Marketing: | Quick to market
|
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