New Issue: Cheniere’s Sabine Pass sells $1.35 billion 4.2% notes due 2028 at 99.903 to yield 4.211%

By Paul A. Harris

Portland, Ore., Feb. 28 – Sabine Pass Liquefaction, LLC, a wholly owned subsidiary of Cheniere Energy Partners, LP, prices a $1.35 billion split-rated issue of 4.2% 11-year notes (Ba1/BBB-/BBB-) at 99.903 to yield 4.211% on Tuesday, according to market sources.

BofA Merrill Lynch, HSBC Securities, Morgan Stanley & Co. LLC and SMBC were the joint bookrunners.

The Houston-based LNG company plans to use the proceeds to pay capital costs in connection with the construction of Trains 1 through 5 of the Sabine Pass Liquefaction Project.

Late last week Sabine Pass Liquefaction privately placed $800 million of 5% senior secured notes due 2037.

Issuer:	Sabine Pass Liquefaction, LLC, a wholly owned subsidiary of Cheniere Energy Partners, LP
Amount:	$1.35 billion
Maturity:	March 15, 2028
Securities:	Senior secured notes
Bookrunners:	BofA Merrill Lynch, HSBC Securities, Morgan Stanley & Co. LLC, SMBC
Coupon:	4.2%
Price:	99.903
Yield:	4.211%
Call protection:	Make-whole call at Treasuries plus 50 bps until six months prior to maturity, then callable at par, otherwise non-callable
Trade date:	Feb. 28
Settlement date:	March 6
Ratings:	Moody's: Ba1
	S&P: BBB-
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S with registration rights

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