Filed Pursuant to Rule 433
Registration File No. 333-200421
November 24, 2014
KINDER MORGAN, INC.
Pricing Term Sheet
$500,000,000 2.000% Senior Notes due 2017
$1,500,000,000 3.050% Senior Notes due 2019
$1,500,000,000 4.300% Senior Notes due 2025
$750,000,000 5.300% Senior Notes due 2034
$1,750,000,000 5.550% Senior Notes due 2045
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Issuer: |
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Kinder Morgan, Inc. | ||||||||
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Ratings: (Moody’s / S&P / Fitch)* |
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Baa3 / BBB- / BBB- | ||||||||
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Ratings Outlooks: (Moody’s / S&P / Fitch)* |
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Stable / Stable / Stable | ||||||||
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Security Type: |
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Senior Notes | ||||||||
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Pricing Date: |
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November 24, 2014 | ||||||||
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Settlement Date (T+2): |
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November 26, 2014 | ||||||||
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Interest Payment Dates: |
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June 1 and December 1, commencing June 1, 2015 | ||||||||
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2.000% Senior Notes |
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3.050% Senior Notes |
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4.300% Senior Notes |
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5.300% Senior Notes |
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5.550% Senior Notes |
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Maturity Date: |
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December 1, 2017 |
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December 1, 2019 |
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June 1, 2025 |
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December 1, 2034 |
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June 1, 2045 |
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Principal Amount: |
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$500,000,000 |
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$1,500,000,000 |
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$1,500,000,000 |
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$750,000,000 |
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$1,750,000,000 |
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Benchmark Treasury: |
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0.875% due November 15, 2017 |
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1.50% due October 31, 2019 |
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2.25% due November 15, 2024 |
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3.125% due August 15, 2044 |
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3.125% due August 15, 2044 |
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Benchmark Treasury Price / Yield: |
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99-26 / 0.939% |
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99-17 ¾ / 1.594% |
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99-18+ / 2.298% |
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101-31+ / 3.023% |
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101-31+ / 3.023% |
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Spread to Benchmark Treasury: |
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110 bps |
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150 bps |
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205 bps |
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230 bps |
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255 bps |
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Yield to Maturity: |
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2.039% |
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3.094% |
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4.348% |
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5.323% |
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5.573% |
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Coupon: |
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2.000% |
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3.050% |
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4.300% |
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5.300% |
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5.550% |
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Price to the Public: |
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99.886% |
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99.797% |
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99.598% |
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99.718% |
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99.663% |
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Optional Redemption: |
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At any time prior to December 1, 2017, we may redeem all or a part of the notes at a price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date, and a make-whole premium of T + 20 bps.
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At any time prior to November 1, 2019, we may redeem all or a part of the notes at a price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date, and a make-whole premium of T + 25 bps.
On or after November 1, 2019, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. |
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At any time prior to March 1, 2025, we may redeem all or a part of the notes at a price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date, and a make-whole premium of T + 35 bps.
On or after March 1, 2025, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. |
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At any time prior to June 1, 2034, we may redeem all or a part of the notes at a price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date, and a make-whole premium of T + 35 bps.
On or after June 1, 2034, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. |
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At any time prior to December 1, 2044, we may redeem all or a part of the notes at a price equal to the sum of 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date, and a make-whole premium of T + 40 bps.
On or after December 1, 2044, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. |
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CUSIP / ISIN: |
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49456B AD3/ US49456BAD38 |
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49456B AE1/ US49456BAE11 |
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49456B AF8/ US49456BAF85 |
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49456B AG6/ US49456BAG68 |
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49456B AH4/ US49456BAH42 |
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Joint Book-Running Managers: |
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Barclays Capital Inc. Citigroup Global Markets Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated Wells Fargo Securities, LLC Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc. J.P. Morgan Securities LLC |
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Mitsubishi UFJ Securities (USA), Inc. RBC Capital Markets, LLC RBS Securities Inc. Scotia Capital (USA) Inc. |
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Co-Managers: |
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CIBC World Markets Corp. Credit Agricole Securities (USA) Inc. DNB Markets, Inc. Mizuho Securities USA Inc. Morgan Stanley & Co. LLC SG Americas Securities, LLC SunTrust Robinson Humphrey, Inc. UBS Securities LLC |
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* Note: The ratings of a security are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the preliminary 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 Barclays Capital Inc. toll-free at 1-888-603-5847, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.