Published on 9/12/2017 in the Prospect News High Yield Daily.
New Issue: Cheniere Energy sells upsized $1.5 billion eight-year notes at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Sept. 12 – Cheniere Energy Partners, LP priced an upsized $1.5 billion issue of eight-year senior notes (Ba2/BB) at par to yield 5¼% on Tuesday, according to a syndicate source.
The issue size was increased from $1 billion.
The yield printed at the wide end of the 5% to 5¼% yield talk.
Credit Suisse Securities (USA) LLC, MUFG, ABN Amro, SG CIB, Mizuho Securities USA Inc., SMBC Nikko, J.P. Morgan Securities LLC, HSBC Securities and BofA Merrill Lynch the joint bookrunners.
The Houston-based integrated liquefied natural gas company plans to use the proceeds, including those resulting from the $500 million upsizing of the deal, to repay amounts under its secured credit facilities.
| Issuer: | Cheniere Energy Partners, LP
|
| Amount: | $1.5 billion
|
| Maturity: | Oct. 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, MUFG, ABN Amro, SG CIB, Mizuho Securities USA Inc., SMBC Nikko, J.P. Morgan Securities LLC, HSBC Securities, BofA Merrill Lynch
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 316 bps
|
| First call: | Oct. 1, 2020 at 102.625
|
| Equity clawback: | 35% at 105.25 until Oct. 1, 2020
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Roadshow
|
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