By Paul A. Harris
St. Louis, June 13 - Tenaska Alabama Partners LP priced a $361 million issue of senior secured notes (B1/B+) at par to yield 7%, according to market sources.
Price talk was 7% to 7¼%.
Credit Suisse First Boston and Lehman Brothers ran the books for the Rule 144A for life notes. The co-managers were Calyon Securities, Citigroup and UBS Investment Bank.
The company will use the proceeds to refinance existing debt and fund a six-month debt service reserve.
The issuer is a unit of Omaha, Neb.-based Tenaska Inc., which owns and manages power generation facilities and markets natural gas and electric power.
| Issuer: | Tenaska Alabama Partners LP
|
| Amount: | $361 million
|
| Maturity: | June 30, 2021
|
| Average life: | 9.85 years
|
| Security description: | Senior secured notes
|
| Bookrunners: | Credit Suisse First Boston, Lehman Brothers
|
| Co-managers: | Calyon Securities, Citigroup, UBS Investment Bank
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 292 bps
|
| Trade date: | June 13
|
| Settlement date: | June 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Price talk: | 7%-7¼%
|
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