LNG

Sept 8 (LNG) - Gladstone LNG plant operator Santos carried out a US$800 million senior unsecured fixed-rate bond transaction. “The book was six times oversubscribed and received strong support from a mix of global asset managers and insurance companies from Asia, Australia and Europe,” said Santos. The bonds were priced at a fixed coupon of 4.125 percent for a period of 10 years, maturing on 14 September 2027.  “The use of proceeds from the bonds will include general corporate purposes and debt refinancing,” it added. The bonds will replace the existing Euro-hybrid notes with “more efficient” long-term debt funding. Santos said it remained focused on debt reduction and was on track to achieve a target of US$2 billion in net debt by the end of 2019.  Joint lead managers of the transaction were Citigroup and Deutsche Bank.