By Paul A. Harris
St. Louis, Dec. 15 - Atlas Pipeline Partners LP priced a $250 million issue of 10-year senior notes (B1/B+) at par on Thursday to yield 8 1/8%, according to a syndicate source.
The yield came in the middle of the 8% to 8¼% price talk.
Wachovia Securities ran the books for the notes, which priced via Rule 144A with registration rights. Banc of America Securities LLC was the joint lead manager. Lehman Brothers was the co-manager.
Proceeds will be used to repay the company's revolving credit facility.
Atlas Pipeline is a midstream energy services provider engaged in the transmission, gathering and processing of natural gas, with corporate headquarters in Moon Township, Pa.
| Issuer: | Atlas Pipeline Partners LP
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Wachovia Securities
|
| Joint lead manager: | Banc of America Securities LLC
|
| Co-manager: | Lehman Brothers
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 364 basis points
|
| Call features: | Callable after Dec. 15, 2010 at 104.063, 102.708, 101.354, par on and after Dec. 15, 2013
|
| Equity clawback: | Until Dec. 15, 2008 for 35% at 108.125
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 20
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 8%-8¼%
|
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