By Paul A. Harris
Portland, Ore., March 24 – Solaris Water Midstream LLC priced a $400 million issue of five-year senior notes (B3/B) at par to yield 7 5/8% on Wednesday, according to a market source.
The yield came deep inside of the 8% to 8¼% early guidance.
The deal was heard to be playing to $1.9 billion of demand, according to a bond trader, who added that official price talk had not been widely circulated in the market.
J.P. Morgan Securities LLC was the lead bookrunner.
The Houston-based midstream company plans to use the proceeds to pay down its credit facility, to repay the preferred equity held by ConocoPhillips and for general corporate purposes.
| Issuer: | Solaris Midstream Holdings, LLC
|
| Amount: | $400 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Call protection: | Two years
|
| Trade date: | March 24
|
| Settlement date: | April 1
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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