NGPL PipeCo talks $550 million seven-year notes to yield 9½%-9¾%

By Paul A. Harris

Portland, Ore., May 21 - NGPL PipeCo LLC talked its $550 million offering of seven-year senior secured notes (Ba3/B+/BB-) to yield 9½% to 9¾% on Monday, according to a syndicate source.

The books are scheduled to close mid-morning New York time on Tuesday.

Barclays Capital Inc. is the lead left bookrunner. Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon.

The Houston-based natural gas transportation and storage company plans to use the proceeds to fund a portion of the purchase of its 6.514% senior notes due 2012.

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