El Paso Production $1.2 billion 10-year notes talked at 7½%-7¾%, pricing Tuesday

By Paul A. Harris

St. Louis, May 19 - El Paso Production Holding Co.'s $1.2 billion of senior notes due 2013 (B2/B+) are talked at 7½%-7¾%, according to a syndicate source.

The deal is expected to price on Tuesday, the source added.

Credit Suisse First Boston and Citigroup are joint bookrunners. Banc of America Securities, Deutsche Bank Securities Inc., Lehman Brothers and Scotia Capital are co-managers.

The Rule 144A notes will be non-callable for five years.

Proceeds will be used to repay $1.2 billion of inter-company obligation to El Paso incurred in retirement of Trinity River financing.

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