By Andrea Heisinger
New York, June 12 - Florida Gas Transmission Co. LLC sold $300 million of 3.875% 10-year senior bonds on Tuesday at a spread of Treasuries plus 225 basis points, a market source said.
The notes (Baa2/BBB/) were priced at 99.873 under Rule 144A and Regulation S.
RBS Securities Inc. and UBS Securities LLC were the bookrunners.
Proceeds are being used to refinance the company's 7% senior notes due in July, to replace outstanding amounts on a revolving credit facility and for general corporate purposes.
The Houston-based natural gas pipeline company was last in the market with an $850 million sale of notes in two maturities on July 8, 2010. A 5.45% 10-year note from that deal priced at 245 bps over Treasuries.
| Issuer: | Florida Gas Transmission Co. LLC
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | July 15, 2022
|
| Coupon: | 3.875%
|
| Price: | 99.873
|
| Spread: | Treasuries plus 225 bps
|
| Bookrunners: | RBS Securities Inc., UBS Securities LLC
|
| Distribution: | Rule 144A, Reg. S
|
| Trade date: | June 12
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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