Oasis Midstream talks $450 million eight-year notes to yield 7¾%-8%; pricing Friday

By Paul A. Harris

Portland, Ore., March 25 – Oasis Midstream Partners LP talked its $450 million offering of eight-year senior notes (B2/B) to yield 7¾% to 8%, according to market sources.

Official talk comes well wide of initial guidance in the high 6% area.

Books close 10 a.m. ET on Friday, and the deal is set to price thereafter.

Citigroup Global Markets Inc. (lead left), Wells Fargo Securities LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Mizuho Securities USA Inc., CIBC World Markets Corp., Citizens Capital Markets Inc., Goldman Sachs & Co. LLC, Regions Securities LLC and Truist Securities Inc. are the bookrunners for the Rule 144A and Regulation S offering.

The notes are non-callable for three years.

Proceeds will be used to acquire Oasis Petroleum’s remaining midstream assets and repay approximately $208 million of outstanding borrowings under its revolving credit facility.

Oasis Midstream is a Houston-based limited partnership formed by Oasis Petroleum to develop and operate its midstream assets.

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