Published on 11/18/2013 in the Prospect News High Yield Daily.
New Issue: Sabine Pass prices $1 billion secured bullet notes due 2022 at par to yield 6¼%
By Paul A. Harris
Portland, Ore., Nov. 18 - Sabine Pass Liquefaction, LLC priced a $1 billion issue of non-callable senior secured notes due March 15, 2022 (Ba3/BB+/) at par to yield 6¼% on Monday, according to a syndicate source.
The yield printed at the wide end of yield talk that was set in the 6 1/8% area.
Morgan Stanley & Co. LLC was the structuring agent for the quick-to-market deal.
Mizuho Securities USA Inc., RBC Capital Markets LLC, SG CIB, HSBC Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., Credit Agricole CIB, ING Financial Markets LLC, Banca IMI SpA, Standard Chartered Bank, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc. were the bookrunners.
Proceeds will be used to pay capital costs in connection with the construction of the first four liquefaction trains at the company's facility in Cameron Parish, La.
Sabine Pass Liquefaction, a Houston-based liquid natural gas company, is a wholly owned subsidiary of Cheniere Energy Partners, LP.
| Issuer: | Sabine Pass Liquefaction, LLC
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2022
|
| Securities: | Senior secured notes
|
| Structuring agent: | Morgan Stanley & Co. LLC
|
| Bookrunners: | Mizuho Securities USA Inc., RBC Capital Markets LLC, SG CIB, HSBC Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., Credit Agricole CIB, ING Financial Markets LLC, Banca IMI SpA, Standard Chartered Bank, J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc.
|
| Joint lead managers: | BofA Merrill Lynch, Santander Investment Securities Inc., CIBC World Markets Corp., Goldman Sachs & Co.
|
| Co-manager: | Deutsche Bank Securities Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 358 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 6 1/8% area
|
| Marketing: | Quick to market
|
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