By Devika Patel and Cristal Cody
Knoxville, Tenn., April 23 – Southern Natural Gas priced $300 million of 0.625% notes due April 28. 2023 (BBB+/BBB+) with a spread of Treasuries plus 48 bps on Thursday, according to a market source.
Initial price talk was in the Treasuries plus 75 bps area.
Citigroup Global Markets Inc., Barclays and Truist Securities Inc. were the bookrunners.
Proceeds, according to Fitch Ratings, will be used with cash on hand to refinance $300 million of 4.4% senior notes maturing on June 15.
Southern Natural Gas is a Birmingham, Ala.-based natural gas pipeline company and division of Kinder Morgan, Inc.
| Issuer: | Southern Natural Gas
|
| Description: | Notes
|
| Amount: | $300 million
|
| Maturity: | April 28. 2023
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays and Truist Securities Inc.
|
| Coupon: | 0.625%
|
| Spread: | Treasuries plus 48 bps
|
| Trade date: | April 22
|
| Ratings: | S&P: BBB+
|
| Fitch: BBB+
|
| Guidance: | Treasuries plus 75 bps area
|
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