NGC Puts New Money Deal on Ice

National Gas Company (NGC) had been planning a return to the international capital markets in the third quarter. But Daniel Sankar, the Trinidad and Tobago gas merchant’s vice president of finance and information management says this has been put on hold because of revised project needs. “We are not planning any new debt for 2007,” Sankar tells LatinFinance. “The big spending will not be done until next year.” NGC typically funds projects 20% with internal resources, and Sankar says there is cash on hand for current projects. A $200m-$300m issue with a 15-year average life had been expected to hit the market. “We are still looking at it,” adds Sankar. A reopening of a $400m 2036 bond issued in early 2006 through Citi and Lehman was being considered. The decision to hold was made before the current volatility.