Published on 1/29/2013 in the Prospect News High Yield Daily.
New Issue: Sabine Pass prices upsized $1.5 billion eight-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., Jan. 29 - Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners, LP, priced a massively upsized $1.5 billion issue of non-callable eight-year senior secured notes (Ba3/BB+/) at par to yield 5 5/8% on Tuesday, according to a syndicate source.
The deal was upsized from $1 billion.
The yield printed on top of yield talk.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, Deutsche Bank Securities Inc., SG CIB, Standard Chartered Bank, HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities and Credit Agricole CIB were the joint bookrunners.
The Houston-based liquid natural gas company plans to use the proceeds to pay capital costs in connection with the construction of the LNG train 1 and train 2.
| Issuer: | Sabine Pass Liquefaction, LLC
|
| Amount: | $1.5 billion, increased from $1 billion
|
| Maturity: | Feb. 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc., SG Americas Securities LLC, Standard Chartered Bank, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Credit Agricole Securities (USA) Inc.
|
| Joint lead managers: | ING Financial Markets LLC, Lloyds Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc.
|
| Co-manager: | Mizuho Securities USA Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 406 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 1
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 5/8% area
|
| Marketing: | Roadshow
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