New Issue: EnLink sells $900 million two-part senior notes offer due 2025, 2045

By Aleesia Forni

Virginia Beach, May 7 – EnLink Midstream Partners LP sold a $900 million issue of senior notes (Baa3/BBB/) in new and reopened tranches on Thursday, according to a market source and a FWP filed with the Securities and Exchange Commission.

The company sold $750 million of 4.15% notes due June 1, 2025 at 99.827 to yield 4.171%, or 200 basis points over Treasuries.

The notes were guided in the range of Treasuries plus 200 bps to 205 bps.

A second tranche was a $150 million add-on to the company’s 5.05% notes due April 1, 2045 priced at 96.381 to yield 5.292%, or Treasuries plus 240 bps.

Pricing was at the tight end of the 240 bps to 245 bps over Treasuries guidance.

The original $300 million offering priced on Nov. 6 at Treasuries plus 200 bps.

Proceeds will be used to repay outstanding borrowings under its revolving credit facility, for capital expenditures and for general partnership purposes.

The bookrunners are Barclays, BofA Merrill Lynch, Deutsche Bank Securities Inc., BBVA, Credit Agricole, MUFG, PNC Capital Markets, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.

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:	$900 million
Bookrunners:	Barclays, BofA Merrill Lynch, Deutsche Bank Securities Inc., BBVA, Credit Agricole, MUFG, PNC Capital Markets, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
Co-managers:	Comerica Securities, Inc., Fifth Third Securities, Inc., The Huntington Investment Company, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc.
Trade date:	May 7
Settlement date:	May 12
Ratings:	Moody’s:
	Standard & Poor’s:
Distribution:	SEC-registered
Tranche 1
Amount:	$750 million
Maturity:	June 1, 2025
Coupon:	4.15%
Price:	99.827
Yield:	4.171%
Spread:	200 bps
Price guidance:	200 bps to 205 bps
Make-whole call:	30 bps prior to May 1, 2025, then callable at par
Tranche 2
Amount:	$150 million
Maturity:	April 1, 2045
Coupon:	5.05%
Price:	96.381
Yield:	5.292%
Spread:	240 bps
Price guidance:	240 bps to 245 bps
Make-whole call:	30 bps prior to Oct. 1, 2044, then callable at par
Total issue size:	$450 million

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