By Cristal Cody
Tupelo, Miss., June 12 – Northern Natural Gas Co. priced a $200 million reopening of its 4.3% senior bonds due Jan. 15, 2049 (A2/A/A) on Wednesday in line with guidance at a spread of Treasuries plus 145 basis points, according to a market source.
The company originally sold $450 million of the notes on July 12, 2018 at a Treasuries plus 135 bps spread. The total outstanding is now $650 million.
Barclays and J.P. Morgan Securities LLC were the bookrunners.
Northern Natural Gas is a Berkshire Hathaway Energy Co. subsidiary based in Omaha.
| Issuer: | Northern Natural Gas Co.
|
| Amount: | $200 million reopening
|
| Description: | Senior bonds
|
| Maturity: | Jan. 15, 2049
|
| Bookrunners: | Barclays and J.P. Morgan Securities LLC
|
| Coupon: | 4.3%
|
| Spread: | Treasuries plus 145 bps
|
| Trade date: | July 12
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Total outstanding: | $650 million, including $450 million of notes priced July 12, 2018 at a Treasuries plus 135 bps spread
|
| Price guidance: | Treasuries plus 145 bps area, plus or minus 5 bps; initial talk at Treasuries plus 150 bps-155 bps area
|
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