‘Run by shareholders, for shareholders’ was, however, the title chosen by Kinder Morgan for an investor presentation dated February 4. Just under a month later, the Houston-based oil and gas pipeline company, which is rated Baa3/BBB-/BBB-, began roadshowing its inaugural euro-denominated bond issue. The €1.25 billion transaction, which was led by Barclays, Deutsche, Société Générale and UBS, was split into a €500 million 12-year tranche and a €750 million seven-year bond.
Surfing a wave of oversubscribed US corporate issues in February and March, the Kinder Morgan issue was successful enough, with the shorter-dated tranche increased from an originally planned €500 million.
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