Published on 9/4/2019 in the Prospect News Investment Grade Daily.
New Issue: Enable Midstream prices $550 million 4.15% 10-year notes at 270 bps over Treasuries
By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Enable Midstream Partners LP sold $550 million of 4.15% 10-year senior notes (Baa3/BBB-/BBB-) on Wednesday at a spread of 270 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.821 to yield 4.172%.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to fund the repayment of Enable Oklahoma Interstate Transmission, LLC’s $250 million 6.25% senior notes due March 2020, to repay borrowings under the 2019 term loan agreement and to repay amounts outstanding under the company’s commercial paper program.
Enable is a Houston-based owner and operator of oil and gas infrastructure for gathering, processing, transportation and storage.
| Issuer: | Enable Midstream Partners LP
|
| Amount: | $550 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BMO Capital Markets Corp., BBVA Securities Inc., Mizuho Securities USA LLC, BOK Financial Securities, Inc. and KeyBanc Capital Markets Inc.
|
| Coupon: | 4.15%
|
| Price: | 99.821
|
| Yield: | 4.172%
|
| Spread: | Treasuries plus 270 bps
|
| Call: | Make-whole call until June 15, 2029, then callable at par
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
