Sabine Pass/Cheniere talks $1 billion eight-year secured notes with 5 5/8% area yield

By Paul A. Harris

Portland, Ore., Jan. 25 - Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners, LP, talked its $1 billion offering of non-callable eight-year senior secured notes (Ba3/BB+) with a yield in the 5 5/8% area, a syndicate source said on Friday.

Books close at 10 a.m. ET on Monday, except for accounts on the West Coast of the United States which are meeting with the company; for West Coast accounts books close at 1 p.m. ET. The deal is set to price thereafter.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, Deutsche Bank Securities Inc., SG CIB, Standard Chartered Bank, HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities and Credit Agricole CIB are the joint bookrunners.

ING, Lloyds Securities, Banco Santander and Scotia Capital are the joint lead managers.

Mizuho Securities is the co-manager.

The Rule 144A with registration rights notes have a make-whole call at Treasuries plus 50 bps.

The Houston-based liquid natural gas company plans to use the proceeds to pay capital costs in connection with the construction of the LNG train 1 and train 2.

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