Blue Racer begins cash tender offer on $700.3 million notes due 2022

By Taylor Fox

New York, Dec. 8 – Blue Racer Midstream, LLC commenced a cash tender offer to purchase any and all of its outstanding $700.3 million 6 1/8% senior notes due 2022, according to a news release.

Holders who tender notes prior to the expiration time will receive $1,001.65 per $1,000 of notes accepted for purchase plus interest.

The tender offer is contingent upon, among other things, Blue Racer’s successful completion of a proposed debt financing transaction, the gross proceeds of which will be at least $550 million, and borrowing of at least $150 million under its revolving credit facility.

Concurrently with the launch of the offer, Blue Racer has given notice of its intent to redeem on Jan. 7 any and all 2022 notes not purchased in the tender offer.

The offer will expire at 5 p.m. ET on Dec. 16.

Global Bondholder Service Corp. (866 470-3700, for banks and brokers at 212 430-3774; contact@gbsc-usa.com) is the information agent, and RBC Capital Markets, LLC (877 381-2099, 212 618-7843) is the lead dealer manager.

Blue Racer is a Dallas-based midstream company.

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