Blue Racer Midstream withdraws $400 million notes offering

By Paul A. Harris

Portland, Ore., July 10 – Blue Racer Midstream, LLC withdrew its $400 million offering of five-year senior notes (B2/B/BB-) due to the current unfavorable conditions in the debt capital markets, according to a Friday press release.

The deal was talked Thursday to yield 9% to 9¼% and set to price later in the day but was held over into the Friday session during which talk was heard to widen, according to a bond trader, who added that the number circulating the market on Friday morning was 9½%.

Wells Fargo Securities LLC was the left bookrunner.

The Dallas-based midstream company also withdrew a cash tender offer for a portion of its 6 1/8% senior notes due 2022, which it intended to fund with proceeds from the notes sale.

Blue Racer owns, operates, develops and acquires midstream assets in the Utica Shale and certain adjacent areas in the Marcellus Shale.

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