El Paso Corp. may sell $500 million five-year notes Tuesday

By Paul A. Harris

St. Louis, Dec. 8 - El Paso Corp. is expected to price a $500 million issue of 15% five-year notes (existing ratings Ba3/BB-) at a discount on Tuesday, market sources say.

Morgan Stanley & Co. Inc. and Banc of America LLC are joint bookrunners.

A significant portion of the deal is already spoken for, according to a sellside source not in the deal.

El Paso is a Houston-based natural gas company.

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