CNX Midstream talks $400 million eight-year notes to yield 6½%-6¾%; pricing Friday

By Paul A. Harris

Portland, Ore., March 8 – CNX Midstream Partners LP and CNX Midstream Finance Corp. talked a $400 million offering of eight-year notes (B3/BB-) to yield 6½% to 6¾%, according to a market source.

The deal is expected to price on Friday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, MUFG, BofA Merrill Lynch, TD Securities (USA) LLC and Capital One Securities are managing the sale.

The notes come with three years of call protection.

The Pittsburgh-based midstream energy master limited partnership plans to use the proceeds to fund the acquisition of corporate parent CNX Resources Corp.’s 95% interest in the Shirley-Pennsboro gathering system.

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