By Cristal Cody
Tupelo, Miss., Dec. 5 – Cameron LNG LLC priced $3.02 billion of senior secured notes (A3/A-/A-) in four tranches tighter than guidance on Thursday, according to a market source.
An $800 million tranche of 2.902% bullet bonds due July 15, 2031 priced at a spread of Treasuries plus 110 basis points, compared to guidance in the 120 bps area.
The issuer sold $820 million of 3.302% bullet bonds due Jan. 15, 2035 with a Treasuries plus 150 bps spread. The notes were guided to print with a spread in the 160 bps over Treasuries area.
A $900 million tranche of 3.402% bullet bonds due Jan. 15, 2039 priced at a spread of 145 bps over Treasuries, tighter than guidance in the 155 bps spread area.
Finally, the company sold $500 million of 3.701% senior secured amortizing bonds due Jan. 15, 2038 with a Treasuries plus 160 bps spread. The notes have a 15-year weighted average life and were guided to print in the 170 bps spread area.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. were the bookrunners.
Proceeds will be used to refinance debt outstanding under the issuer’s senior secured credit facility and to fund a portion of capital project costs for its Hackberry, La., natural gas liquefaction facility under construction.
Houston-based Cameron LNG is an entity owned by Sempra Energy, Total SA, Mitsui & Co., Ltd., Mitsubishi Corp. and Nippon Kabushiki Kaisha.
| Issuer: | Cameron LNG LLC
|
| Amount: | $3.02 billion
|
| Description: | Senior secured notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
|
| Trade date: | Dec. 5
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A-
|
|
|
| Notes due 2031
|
| Amount: | $800 million
|
| Maturity: | July 15, 2031
|
| Description: | Bullet bond
|
| Coupon: | 2.902%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 120 bps area, plus or minus 5 bps; initial talk at Treasuries plus 140 bps area
|
|
|
| Notes due 2035
|
| Amount: | $820 million
|
| Maturity: | Jan. 15, 2035
|
| Description: | Bullet bond
|
| Coupon: | 3.302%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 160 bps area, plus or minus 5 bps; initial talk at Treasuries plus 185 bps area
|
|
|
| Notes due 2039
|
| Amount: | $900 million
|
| Maturity: | Jan. 15, 2039
|
| Description: | Bullet bond
|
| Coupon: | 3.402%
|
| Spread: | Treasuries plus 145 bps
|
| Price guidance: | Treasuries plus 155 bps area, plus or minus 5 bps; initial talk at Treasuries plus 180 bps area
|
|
|
| Notes due 2038
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2038; 15-year weighted average life
|
| Description: | Amortizing notes
|
| Coupon: | 3.701%
|
| Spread: | Treasuries plus 160 bps
|
| Price guidance: | Treasuries plus 170 bps area, plus or minus 5 bps; initial talk at Treasuries plus 190 bps area
|
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