New Issue: Sabine Pass prices upsized $2 billion 5¾% 10-year bullet at par

By Paul A. Harris

Portland, Ore., May 13 - Sabine Pass Liquefaction, LLC priced an upsized $2 billion issue of non-callable 10-year senior secured notes (Ba3/BB+/) at par to yield 5¾% on Tuesday, according to a syndicate source.

The deal was upsized from $1.5 billion.

The yield printed on top of yield talk.

RBC Capital Markets LLC was the left bookrunner for the quick-to-market deal.

Mizuho Securities USA Inc., SG Americas Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC, Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Credit Agricole Securities (USA) Inc., BBVA Securities Inc., ING Financial Markets LLC, Banca IMI SpA, Standard Chartered Bank, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc. were the joint bookrunners.

The Houston-based liquid natural gas company plans to use the proceeds, including the additional $500 million resulting from the upsizing of the deal, to pay capital costs in connection with the construction of liquefaction trains 1 through 4, and to repay bank debt.

Issuer:	Sabine Pass Liquefaction, LLC
Amount:	$2 billion, increased from $1.5 billion
Maturity:	May 15, 2024
Securities:	Senior secured notes
Left bookrunner:	RBC Capital Markets LLC
Joint bookrunners:	Mizuho Securities USA Inc., SG Americas Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC, Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Credit Agricole Securities (USA) Inc., BBVA Securities Inc., ING Financial Markets LLC, Banca IMI SpA, Standard Chartered Bank, J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc.
Joint lead managers:	BofA Merrill Lynch, Santander Investment Securities Inc., CIBC World Markets Corp., Goldman Sachs & Co.
Co-manager:	Deutsche Bank Securities Inc.
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	314 bps
Call protection:	Non-callable
Trade date:	May 13
Settlement date:	May 20
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¾% area
Marketing:	Quick to market

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