By Paul A. Harris
Portland, Ore., Feb. 20 – Antero Midstream Partners LP price an upsized $650 million issue of eight-year senior notes (Ba3/BB+/BBB-) at par to yield 5¾% in a quick-to-market Wednesday trade, according to market sources.
The issue size was increased from $600 million.
The yield printed at the tight end of the 5¾% to 5 7/8% yield talk.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, Capital One Securities Inc., Citigroup Global Markets Inc. and Credit Agricole CIB were the joint bookrunners.
The Denver-based limited partnership plans to use the proceeds to pay down bank debt.
Antero Midstream owns, operates and develops midstream gathering, compression, processing and fractionation assets as well as integrated water assets that primarily service Antero Resources Corp.’s properties located in West Virginia and Ohio.
| Issuer: | Antero Midstream Partners LP
|
| Amount: | $650 million, increased from $600 million
|
| Maturity: | March 1, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, Capital One Securities Inc., Citigroup Global Markets Inc. and Credit Agricole CIB
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 316 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¾% to 5 7/8%
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
