Access Midstream holds investor call for $1.4 billion 10.5-year notes; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., Dec. 12 - Access Midstream Partners, LP, formerly Chesapeake Midstream Partners, LP, held a mid-Wednesday morning investor call to roll out a $1.4 billion offering of 10.5-year senior notes (expected ratings Ba3/BB-), according to a syndicate source.

The deal is expected to price later in the day.

Citigroup Global Markets Inc. is the left bookrunner.

Barclays, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

RBS Securities Inc., Compass Bank, BMO Securities, BNS, US Bank, Capital One, Morgan Stanley, Mitsubishi UFJ Securities, DNB Markets, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Deutsche Bank Securities Inc., Sumitomo, Comerica Securities, Raymond James and TD Securities are the co-managers.

The notes, which have been registered with the Securities and Exchange Commission, become callable in four years at par plus 75% of the coupon.

The notes feature a three-year 35% equity clawback and a 101% poison put.

The Oklahoma City-based midstream natural gas services provider plans to use the proceeds to fund the acquisition of Chesapeake Midstream Operating, LLC, to repay revolver debt and for general partnership purposes.

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