Published on 6/26/2003 in the Prospect News High Yield Daily.
New Issue: GulfTerra Energy Partners upsizes to $250 million, seven-year notes yield 6 ¼% in Thursday drive-by
By Paul A. Harris
St. Louis, June 26 - GulfTerra Energy Partners L.P. priced an upsized quick-to-market offering of $250 million (from $200 million) of senior notes due June 1, 2010 (Ba3/BB) at par, Thursday, to yield 6 ¼%, according to a market source.
Price talk was 6 ¼% area.
JP Morgan and Credit Suisse First Boston were joint bookrunners on the Rule 144A deal.
The Houston-based issuer, formerly El Paso Energy Partners, operates a network of oil and gas pipelines and platforms in the Gulf of Mexico.
Issuer: | GulfTerra Energy Partners L.P.
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Amount: | $250 million (from $200 million)
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Maturity: | June 1, 2010
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Security description: | Senior notes
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Bookrunners: | JP Morgan, Credit Suisse First Boston
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Coupon: | 6¼%
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Price: | Par
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Yield: | 6¼%
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Spread: | 317 basis points
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Calls: | T+50 basis points make-whole call
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Settlement date: | July 3, 2003
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Ratings: | Moody's: Ba3
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| Standard & Poor's BB
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Price talk: | 6¼% area
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