By Andrea Heisinger
New York, June 2 - Southern Natural Gas Co. and Southern Natural Issuing Corp. sold $300 million of split-rated 4.4% 10-year senior notes on Thursday to yield Treasuries plus 140 basis points, according to a press release and a market source.
The notes (Baa3/BB/BBB-) were sold at 99.911 to yield 4.411%.
They priced under Rule 144A and Regulation S.
Bookrunners were BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBS Securities Inc. and Scotia Capital (USA) Inc.
Proceeds are being used for general partnership purposes.
The natural gas pipeline unit of El Paso Corp. is based in Birmingham, Alabama.
| Issuer: | Southern Natural Gas Co., Southern Natural Issuing Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | 2021
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBS Securities Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 4.4%
|
| Price: | 99.911
|
| Yield: | 4.411%
|
| Spread: | Treasuries plus 140 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | June 2
|
| Settlement date: | June 7
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB
|
| Fitch: BBB-
|
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