Kinetik driving by with $200 million tap of 6 5/8% sustainability-linked notes

By Paul A. Harris

Portland, Ore., Dec. 15 – Kinetik Holdings LP plans to price a $200 million add-on to its 6 5/8% senior sustainability-linked notes due Dec. 15, 2028 (Ba1/BB+/BB+) in a Friday drive-by, according to market sources.

Price talk is 100.25 to 100.5, at the rich end of early guidance in the 100.25 area.

Books close at noon ET Friday, and the deal – which is being shopped without an investor call – is set to price thereafter.

The Rule 144A and Regulation S for life notes become subject to an initial call on Dec. 15, 2025 at 103.313.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities, Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Truist Securities, Inc. are the joint bookrunners.

The Midland, Tex.-based midstream energy company plans to use the proceeds to pay down term loan debt.

The original $500 million issue priced on Dec. 4.

The add-on notes will immediately become fungible with the original notes.

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