Kinder Morgan selling $1 billion notes due 2021, 2023 on Thursday

By Paul A. Harris

Portland, Ore., Oct. 31 - Kinder Morgan, Inc. is driving by with a $1 billion offering of senior secured notes (Ba2/BB/BB+) in two tranches of notes, one that matures on Feb. 15, 2021 and the other on Nov. 15, 2023.

The deal is being marketed by means of a presentation to investors made available on the internet. There will be no investor call.

Pricing is set for Thursday.

Active bookrunner Barclays will bill and deliver. RBC Capital Markets and Wells Fargo Securities LLC are also active bookrunners.

UBS Investment Bank, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and Citigroup Global Markets Inc. are the passive bookrunners.

The notes in both tranches have make-whole calls at Treasuries plus 50 bps. The notes maturing in 2021 become callable at par one month prior to maturity. The notes maturing in 2023 become callable at par three months prior to maturity. Otherwise the notes are non-callable.

The Houston-based pipeline operator plans to use the proceeds to repay revolver debt.

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