By Aleesia Forni
Virginia Beach, March 12 - EnLink Midstream Partners LP priced a $1.2 billion three-part issue of senior notes (Baa3/BBB/) on Wednesday, according to a market source.
The sale included $400 million of 2.7% notes due 2019 priced at 99.85 to yield 2.731%, or Treasuries plus 115 basis points.
There was also a $450 million tranche of 4.4% notes due 2024 sold with a spread of Treasuries plus 170 bps.
The notes priced at 99.83 to yield 4.421%.
A third tranche was $350 million of 5.6% 30-year bonds priced at Treasuries plus 195 bps, or 99.925 to yield 5.605%.
All three tranches sold at the tight end of talk.
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 previous 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.
| Issuer: | EnLink Midstream Partners LP
|
| Issue: | Senior notes
|
| Amount: | $1.2 billion
|
| Joint bookrunners: | 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., Wells Fargo Securities LLC
|
| Trade date: | March 12
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
|
|
| Notes due 2019
|
| Amount: | $400 million
|
| Maturity: | April 1, 2019
|
| Coupon: | 2.7%
|
| Price: | 99.85
|
| Yield: | 2.731%
|
| Spread: | Treasuries plus 115 bps
|
| Price talk: | Treasuries plus 120 bps
|
|
|
| Notes due 2024
|
| Amount: | $450 million
|
| Maturity: | April 1, 2024
|
| Coupon: | 4.4%
|
| Price: | 99.83
|
| Yield: | 4.421%
|
| Spread: | Treasuries plus 170 bps
|
| Price talk: | Treasuries plus 175 bps area
|
|
|
| Notes due 2044
|
| Amount: | $350 million
|
| Maturity: | April 1, 2044
|
| Coupon: | 5.6%
|
| Price: | 99.925
|
| Yield: | 5.605%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | Treasuries plus 200 bps area
|
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