By Paul A. Harris
St. Louis, Nov. 22 - El Paso Energy Partners LP upsized to $200 million from $150 million its offering of 10 5/8% senior subordinated notes due Dec. 1, 2012 (B1/BB-) and priced it Friday at 99.242 to yield 10¾%, according to a market source.
Price talk was 10¾%-11%.
JP Morgan, Goldman Sachs & Co. and UBS Warburg were joint bookrunners. Wachovia Securities, Inc. was co-manager.
Proceeds from the Rule 144A notes will be used to help fund the acquisition of the San Juan assets from El Paso Corp.
The issuer is a Houston-based energy company.
Issuer: El Paso Energy Partners LP
Amount: $200 million (increased from $150 million)
Maturity: Dec. 1, 2012
Description of securities: Senior subordinated notes
Managers: JP Morgan, Goldman Sachs & Co., UBS Warburg (joint books)
Co-manager: Wachovia Securities, Inc.
Coupon: 10 5/8%
Price: 99.242
Yield: 10¾%
| Price talk: | 10¾%-11%
|
| Call features: | Callable on Dec. 1, 2007 at 105.313, then at 103.542, 101.771, declining to par on Dec. 1, 2010 and thereafter
|
| Equity clawback: | Until Dec. 1, 2005 for 35% at 110.625
|
| Settlement date: | Nov. 27, 2002
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Rule 144A Cusip: | 28368QAE9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
