Summary
Kinder Morgan, Inc. (KMI) filed an 8-K on February 24, 2015, to report on an underwriting agreement entered into on February 23, 2015. Through this agreement, KMI committed to selling $800 million in aggregate principal amount of 5.050% Senior Notes due 2046. These notes are guaranteed by a Cross Guarantee Agreement, as previously filed in KMI's 2014 10-K. The issuance of these notes aims to raise capital for the company. The notes will mature in February 2046 and will pay semi-annual interest on February 15 and August 15, with the first payment due August 15, 2015. The filing also details customary provisions within the underwriting agreement, including representations, warranties, and indemnification clauses. The proceeds from this offering, while not explicitly stated in this 8-K, are generally used for general corporate purposes or specific projects by energy infrastructure companies like KMI.
Key Highlights
- 1KMI entered into an underwriting agreement to issue $800 million in 5.050% Senior Notes due 2046.
- 2The notes are guaranteed by a Cross Guarantee Agreement previously filed.
- 3The notes will mature on February 15, 2046.
- 4Interest payments are scheduled semi-annually on February 15 and August 15.
- 5The Underwriting Agreement contains standard representations, warranties, and indemnification provisions.
- 6The offering is made under a shelf registration statement on Form S-3.
- 7The underwriters and their affiliates have a history of providing commercial and investment banking services to KMI.