Kinetik to price $500 million five-year sustainability-linked notes in Monday drive-by

By Abigail W. Adams

Portland, Me., Dec. 4 – Kinetik Holdings LP plans to price $500 million of five-year sustainability-linked notes (Ba1/BB+/BB+) in a Monday drive-by with early guidance for a yield in the high 6% area, according to market sources.

The notes are non-callable for two years.

Wells Fargo Securities LLC (lead left), BofA Securities Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Truist Securities Inc. are global coordinators and joint bookrunners for the Rule 144A and Regulation S for life offering.

Mizuho Securities USA Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and Citizens Capital Markets Inc. are also active bookrunners.

Proceeds, together with cash on hand, will be used to repay borrowings under the company’s revolving credit facility and repay a portion of borrowings under its term loan credit facility.

Kinetik is a Midland, Tex.-based midstream energy company in the Permian Basin that provides comprehensive gathering, transportation, compression, processing and treating services.

© 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.