Published on 8/14/2013 in the Prospect News High Yield Daily.
New Issue: Access Midstream prices $400 million tap of 5 7/8% notes due 2021 at 101.5
By Paul A. Harris
Portland, Ore., Aug. 14 - Access Midstream Partners, LP and ACMP Finance Corp. priced a $400 million fungible add-on to their 5 7/8% senior notes due April 15, 2021 (Ba3/BB/) at 101.5 to yield 5.503% on Wednesday, according to a syndicate source.
The reoffer price came on top of price talk.
Barclays, BBVA, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners for the public offering.
The Oklahoma City-based natural gas services provider plans to use the proceeds for general partnership purposes, including the repayment of revolver debt.
| Issuers: | Access Midstream Partners, LP and ACMP Finance Corp.
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| Face amount: | $400 million
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| Proceeds: | $406 million
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| Maturity: | April 15, 2021
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| Security description: | Add-on to 5 7/8% senior notes due April 15, 2021
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| Bookrunners: | Barclays, BBVA Securities Inc., Citigroup Global Markets Inc., RBS Securities Inc., Wells Fargo Securities LLC
|
| Senior co-managers: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., DNB Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | BofA Merrill Lynch, Capital One Southcoast Inc., Comerica Securities Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, UBS Securities LLC
|
| Coupon: | 5 7/8%
|
| Price: | 101.5
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| Yield to worst: | 5.503%
|
| Spread: | 404 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 15, 2015, then callable at 104.406, 102.938, 101.469, par on and after April 15, 2018
|
| Equity clawback: | 35% at 105.875 until April 15, 2014
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| Ratings: | Moody's: Ba3
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| Standard & Poor's: BB
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| Distribution: | SEC registered
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| Price talk: | 105.5 area
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| Marketing: | Quick to market
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| Original issue: | $350 million priced in March 2012
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| Fungibility: | Add-on notes will be immediately fungible with the existing notes
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| Total issue size: | $750 million
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