Southern Natural Gas prices tender for 6.7% notes

By Jennifer Chiou

New York, March 27 - Southern Natural Gas Co. announced pricing in the tender offer for any and all of its 6.7% notes due Oct. 1, 2007.

For each $1,000 principal amount, the company said it will pay $1,005.63, which includes a $10.00 premium for those who tendered by 5 p.m. ET on March 26.

The company will also pay accrued interest. Pricing was set at 2 p.m. ET on March 26.

As of the early deadline, the company said it received tenders from holders of $51.945 million of the notes.

The tender offer expires on April 9.

On March 13, the company said it will sell new notes via Rule 144A and Regulation S to fund the offer.

Citigroup Corporate and Investment Banking is the dealer manager (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the depositary and information agent (866 952-2200 or call collect 212 430-3774).

The Delaware-based company is involved in natural gas transportation and storage and liquid natural gas terminalling operations. It is a subsidiary of El Paso Corp.

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