Published on 1/11/2024 in the Prospect News High Yield Daily.
New Issue: Antero Midstream prices upsized $600 million 6 5/8% eight-year notes at par
By Paul A. Harris
Portland, Ore., Jan. 11 – Antero Midstream Partners LP and Antero Midstream Finance Corp. priced an upsized $600 million issue of eight-year senior notes (Ba3/BB) at par to yield 6 5/8% in a Thursday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed in the middle of yield talk in the 6 5/8% area. Initial guidance was in the high-6% area.
Wells Fargo Securities, LLC was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc.
The Denver-based operator of midstream gathering, compression, processing and fractionation assets plans to use the proceeds, including the incremental proceeds resulting from the $100 million upsize of the issue, to repay debt under its revolver, which may be re-borrowed for general corporate purposes, including repayment of other near-term maturities.
| Issuers: | Antero Midstream Partners LP and Antero Midstream Finance Corp.
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| Amount: | $600 million, increased from $500 million
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| Issue: | Senior notes
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| Maturity: | Feb. 1, 2032
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| Left bookrunner: | Wells Fargo Securities, LLC
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| Joint bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc.
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| Co-managers: | Capital One Securities, Inc., CIBC World Markets Corp. and Comerica Securities, Inc.
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| Coupon: | 6 5/8%
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| Price: | Par
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| Yield: | 6 5/8%
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| Spread: | 266 bps
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| First call: | Feb. 1, 2027 at 103.313
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 16
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| Ratings: | Moody’s: Ba3
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| S&P: BB
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6 5/8% area
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