National Gas Co. of Trinidad and Tobago talks $400 million 30-year notes at Treasuries plus 225 bps area

By Paul A. Harris

St. Louis, Jan. 11 - The National Gas Co. of Trinidad and Tobago Ltd. is talking its $400 million offering of 30-year senior unsecured notes in the area of 225 basis points over 30-year U.S. Treasuries, according to a market source.

Pricing is expected before the end of the week.

Citigroup and Lehman Brothers will be joint bookrunners for the Rule 144A and Regulation S notes. Caribbean Money Market Brokers, Deutsche Bank, First Caribbean International Bank and Merrill Lynch & Co. will be co-managers.

Moody's Investors Service assigns its A3 rating to the notes. The Standard & Poor's rating is BBB+.

The prospective issuer is a natural gas marketing, transmission, offshore compression, marine and site infrastructural development and management company with headquarters in Port of Spain.

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