EnLink sets guidance for $1.2 billion three-part notes offer; pricing Wednesday

By Aleesia Forni

Virginia Beach, March 12 - EnLink Midstream Partners LP announced price guidance on Wednesday for its planned $1.2 billion three-part offering of senior notes (Baa3/BBB/), according to a market source.

The sale is expected to include five-year notes, which are guided in the area of Treasuries plus 130 basis points.

A tranche of 10-year notes is guided in the area of 180 bps over Treasuries, and a planned 30-year tranche of notes has guidance in the Treasuries plus 195 bps area.

Proceeds will be used to fund a tender offer, to reduce borrowings under the company's revolving credit facility and for general corporate purposes, including growth capital expenditures, according to a 424B2 filed with the Securities and Exchange Commission.

The bookrunners were BofA Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets LLC, BMO Capital Markets, Mitsubishi UFJ Securities Inc., BBVA Securities Inc., Comerica Securities, J.P. Morgan Securities LLC, RBS Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.

EnLink Midstream Partners, formerly known as Crosstex Energy, LP, is a midstream natural gas company based in Dallas.

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