Southern Natural Gas gets tenders for $51.945 million 6.7% notes

By Angela McDaniels

Seattle, April 10 - Southern Natural Gas Co. said it received tenders for $51.945 million of its 6.7% notes due Oct. 1, 2007 during a tender offer that expired on Monday.

The amount of notes tendered is unchanged from March 26, the early settlement date.

For each $1,000 principal amount of notes tendered, the company will pay $1,005.63, which includes a $10.00 early settlement premium.

Noteholders will also receive accrued interest.

On March 13, the company said it will sell new notes via Rule 144A and Regulation S to fund the offer.

Citigroup Corporate and Investment Banking (800 558-3745 or call collect 212 723-6106) was the dealer manager, and Global Bondholder Services Corp. (866 952-2200 or call collect 212 430-3774) was the depositary and information agent.

Southern Natural, a subsidiary of El Paso Corp., is incorporated in Delaware and has headquarters in Houston. It is involved in natural gas transportation and storage and liquid natural gas terminalling operations.

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