New Issue: National Fuel Gas sells $250 million 8¾% 10-year notes to yield 612.5 bps over Treasuries

By Paul A. Harris

St. Louis, April 1 - National Fuel Gas Co. priced a $250 million issue of 8¾% 10-year notes (Baa1/BBB/A-) on Wednesday, according to information which the company reported to the Securities and Exchange Commission.

The notes came at a 612.5 basis points spread to Treasuries, at a reoffer price of 99.762 and with a 8.784% yield to maturity.

Banc of America Securities LLC and J.P. Morgan Securities Inc. were joint bookrunners.

The Williamsville, N.Y.-based company provides interstate natural gas transmission and storage services.

Issuer:	National Fuel Gas Co.
Amount:	$250 million
Maturity:	May 1, 2019
Security description:	Notes
Bookrunners:	Banc of America Securities LLC, J.P. Morgan Securities Inc.
Co-managers:	HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, BNY Mellon Capital Markets, LLC and RBS Securities Inc.
Coupon:	8¾%
Price:	99.762
Yield:	8.784%
Spread:	612.5 bps
Call protection:	Non-callable, make-whole provision at Treasuries plus 50 bps
Trade date:	April 1
Settlement date:	April 6
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB
	Fitch: A-
Distribution:	SEC registered

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