Filed Pursuant to Rule 433
Registration No. 333-137998
October 23, 2007
Panhandle Eastern Pipe Line Company, LP
Pricing Term Sheet
6.200% Senior Notes due 2017
The following information supplements the Preliminary Prospectus Supplement dated October 23, 2007, and is filed pursuant to Rule 433, under Registration No. 333-137998
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Issuer: |
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Panhandle Eastern Pipe Line Company, LP |
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Security Type: |
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Senior Unsecured Notes |
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Ratings (Moody’s / S&P / Fitch): |
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Baa3 / BBB- / BBB |
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Pricing Date: |
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October 23, 2007 |
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Settlement Date: |
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October 26, 2007 |
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Maturity Date: |
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November 1, 2017 |
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Principal Amount: |
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$300,000,000 |
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Benchmark: |
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T 4.750% due August 15, 2017 |
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Benchmark Yield: |
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4.415% |
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Re-offer Spread to Benchmark: |
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+ 182 bps |
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Yield to Maturity: |
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6.235% |
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Coupon: |
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6.200% |
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Public Offering Price: |
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99.741% |
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Optional Redemption: |
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T + 30 bps |
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Interest Payment Dates: |
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May 1 and November 1, beginning May 1, 2008 |
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CUSIP / ISIN: |
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698455AA0 / US698455AA09 |
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Joint Bookrunning Managers: |
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Banc of America Securities LLC |
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Co-Managers: |
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Calyon Securities (USA) Inc. |
The issuer and its parent, Southern Union Company, have filed a registration statement (including a base prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuer’s prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling Banc of America Securities LLC toll-free at 1-800-294-1322, J.P. Morgan Securities Inc. collect at 212-834-4533 or Wachovia Capital Markets, LLC toll-free at 1-866-289-1262.