Published on 5/4/2017 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: EnLink Midstream prices $500 million 5.45% 30-year notes at 245 bps over Treasuries
By Cristal Cody
Tupelo, Miss., May 4 – EnLink Midstream Partners, LP sold $500 million of 5.45% 30-year senior notes on Thursday at a spread of 245 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The split-rated notes (Ba1/BBB-/BBB-) priced at 99.981 to yield 5.451%.
Barclays, Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC were the active bookrunners. Passive bookrunners were BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and U.S. Bancorp Investments, Inc.
Proceeds from the deal will be used to repay outstanding borrowings under the company's revolving credit facility and for general corporate purposes.
EnLink is a Dallas-based midstream energy services provider.
| Issuer: | EnLink Midstream Partners, LP
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | June 1, 2047
|
| Bookrunners: | Barclays, Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC (active); BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and U.S. Bancorp Investments, Inc. (passives)
|
| Co-managers: | Fifth Third Securities, Inc., Raymond James & Associates, Inc., Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Huntington Investment Co.
|
| Coupon: | 5.45%
|
| Price: | 99.981
|
| Yield: | 5.451%
|
| Spread: | Treasuries plus 245 bps
|
| Call features: | Make-whole call until Dec. 1, 2046 at Treasuries plus 40 bps; thereafter at par
|
| Trade date: | May 4
|
| Settlement date: | May 11
|
| Ratings: | Moody’s: Ba1
|
| 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.
