Sabine Pass to price $1 billion 10-year bullet in Thursday drive-by

By Paul A. Harris

Portland, Ore., Feb. 26 – Sabine Pass Liquefaction, LLC plans to price $1 billion of non-callable 10-year first-lien senior secured notes (expected ratings Ba3/BB+) on Thursday trailing a late-morning conference call with investors, according to market sources.

J.P. Morgan Securities LLC, RBC Capital Markets, Mizuho, SG CIB, Morgan Stanley & Co. LLC, HSBC, Scotia Capital, Credit Suisse Securities (USA) LLC, Lloyds TSB, MUFG, Credit Agricole CIB, BBVA, ING, Banca IMI, Standard Chartered Bank and SMBC Nikko are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

BofA Merrill Lynch, Santander, CIBC World Markets and Goldman Sachs & Co. are the joint lead managers. Deutsche Bank Securities Inc. is the co-manager.

The notes feature a par call three months prior to maturity but are otherwise non-callable.

Proceeds will be used to pay capital costs in connection with the construction of the first four liquefaction trains at the company’s facility in Cameron Parish, La.

Sabine Pass Liquefaction is a wholly owned subsidiary of Cheniere Energy Partners, LP, a Houston-based energy company.

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