Sabine Pass drives by with $1.5 billion notes due 2021, 2023 Wednesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., April 10 - Sabine Pass Liquefaction LLC plans to sell $1.5 billion senior secured notes (expected ratings Ba3/BB+) in two parts on Wednesday, a market source said.

The company was scheduled to host an investor call at 11 a.m. ET.

Sabine Pass is planning to price a $500 million add-on to its 5 5/8% senior secured notes due Feb. 1, 2021.

The original $1.5 billion issue priced at par on Jan. 29, 2013.

The new notes will be immediately fungible with the existing issue, while the Regulation S notes will be fungible after 40 days.

The company will also price $1 billion senior notes due 2023.

Morgan Stanley & Co. LLC, SG Americas Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Standard Chartered Bank, Mitsubishi UFJ Securities (USA) Inc., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Banca IMI, J.P. Morgan Securities LLC, Lloyds Securities LLC, Scotia Capital (USA) Inc. and SMBC are the joint bookrunners.

Santander Investment Securities Inc., Deutsche Bank Securities Inc., BofA Merrill Lynch and CIBC are the joint lead managers.

The Rule 144A with registration rights and Regulation S notes will be non-callable and feature a make-whole premium at Treasuries plus 50 basis points.

Proceeds will be used to pay costs in connection with the construction of Train 1 and Train 2.

The liquid natural gas company, a subsidiary of Cheniere Energy Partners, LP, is based in Houston.

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