El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Southern Natural Gas Company Announces Redemption of 8 7/8% Notes Due 2010
HOUSTON, Feb. 28 /PRNewswire-FirstCall/ -- Southern Natural Gas Company
(SNG), a subsidiary of El Paso Corporation (NYSE: EP) announced today that it
will redeem for cash the entire $400 million aggregate principal amount
outstanding of its 8 7/8% notes due 2010 (CUSIP 843452BB8). The redemption
date will be March 30, 2007.
SNG will pay a redemption price of $1,044.38 per $1,000 principal amount
of the notes, plus any accrued and unpaid interest to March 30, 2007.
A notice of redemption is being sent to all currently registered holders
of the notes by the trustee, The Bank of New York. Copies of the notice of
redemption and additional information relating to the procedure for redemption
may be obtained from The Bank of New York by calling 1-800-254-2826 (toll-
Payment of the redemption price will be made on or after March 30, 2007
upon presentation and surrender of the notes by mail or hand delivery to The
Bank of New York, 101 Barclay Street, Floor #8, New York, New York 10286,
Attention: Corporate Trust Administration. Unless SNG defaults in making the
redemption payment, interest on the notes will no longer accrue on or after
the redemption date and the only remaining right of the holders thereof is to
receive payment of the redemption price upon surrender to The Bank of New York
of the notes.
SNG is a Delaware corporation incorporated in 1935 and a wholly owned
subsidiary of El Paso Corporation. Its primary business consists of the
interstate transportation and storage of natural gas and LNG terminalling
operations. SNG conducts its business activities through its natural gas
pipeline systems, which include its Southern Natural Gas pipeline system and
its 50 percent indirect interest in the Florida Gas Transmission pipeline
system, an LNG receiving terminal and storage facilities.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. El Paso owns North America's largest
natural gas pipeline system and one of North America's largest independent
natural gas producers. For more information, visit http://www.elpaso.com .
SOURCE El Paso Corporation
CONTACT: Bruce Connery, Vice President - Investor and Public Relations,
+1-713-420-5855, or Bill Baerg, Manager - Media Relations, +1-713-420-2906,
both of El Paso Corporation
0148 02/28/2007 11:32 EST http://www.prnewswire.com