Qatar's Nakilat to sell $1.1 billion of senior and subordinated bonds

By Reshmi Basu

New York, Nov. 27 - Nakilat Inc, a wholly owned subsidiary of Qatar Gas Transport Co., plans to sell $1.1 billion of senior and subordinated bonds, according to a market source.

The issue will comprise $850 million of 27-year senior bonds (Aa3/A+/A+) and $250 million of 27-year subordinated bonds (A1/A-/A-).

The senior bonds will bear an average life of 22 years while the subordinated bonds will carry an average life of 18 years.

Proceeds from the sale will be used to finance up to 90% of the delivered costs of 16 large liquefied natural gas carriers to be built in Korea and chartered to upstream liquid natural gas projects in Qatar.

Lehman Brothers and Credit Suisse are bookrunners for the Rule 144A and Regulation S (without registration rights) transaction.

Meanwhile pricing is expected to take place toward the end of the week of Dec. 4.

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