Thursday, May 7, 2009

Kinder Morgan sells $1billion in new notes

Kinder Morgan (KMP) sold $1B in notes at attractive rates, roughly 350 basis points above the comparable Treasury notes. The bonds are rated Baa2.

BORROWER: KINDER MORGAN ENERGY PARTNERS LP
FIRST TRANCHE:
AMT $300 MLN COUPON 5.625 PCT MATURITY 2/15/2015
TYPE SR NOTES ISS PRICE 99.942 FIRST PAY 8/15/2009
MOODY'S Baa2 YIELD 5.639 PCT SETTLEMENT 5/14/2009
S&P TRIPLE-B SPREAD 350 BPS/ PAY FREQ SEMI-ANNUAL
FITCH TRIPLE-B MORE THAN TREAS MAKE-WHOLE CALL 50 BPS
SECOND TRANCHE:
AMT $700 MLN COUPON 6.85 PCT MATURITY 2/15/2020
TYPE SR NOTES ISS PRICE 99.669 FIRST PAY 8/15/2009
MOODY'S Baa2 YIELD 6.896 PCT SETTLEMENT 5/14/2009
S&P TRIPLE-B SPREAD 362.5 BPS PAY FREQ SEMI-ANNUAL
FITCH TRIPLE-B MORE THAN TREAS MAKE-WHOLE CALL 50 BPS

Kinder Morgan's credit remains strong after raising another $1B in Dec 2008.


KMP
New Issue-Kinder Morgan sells $1.0 bln in 2-pt sr notes
at Reuters (Thu 4:01pm)

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