Published on 3/22/2013 in the Prospect News High Yield Daily.
New Issue: Exterran prices upsized $350 million 6% eight-year notes to yield 6¼%
By Paul A. Harris
Portland, Ore., March 22 - Exterran Partners, LP and EXLP Finance Corp. priced an upsized $350 million issue of 6% eight-year senior notes (B2/B-/) at 98.439 to yield 6¼% on Friday, according to a syndicate source.
The yield printed at the tight end of the 6¼% to 6½% yield talk. The reoffer price came in line with discount talk of about 1.5 points.
Wells Fargo Securities LLC was the left bookrunner for the deal, which was upsized from $300 million.
Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and RBS Securities Inc. were the joint bookrunners.
The Houston-based services provider to the natural gas industry plans to use the proceeds to repay revolver debt.
| Issuers: | Exterran Partners, LP and EXLP Finance Corp.
|
| Amount: | $350 million, increased from $300 million
|
| Proceeds: | $334 million
|
| Maturity: | April 1, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, RBS Securities Inc.
|
| Senior co-manager: | BofA Merrill Lynch
|
| Co-managers: | BB&T Capital Markets, Goldman Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, Raymond James & Associates Inc., Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 6%
|
| Price: | 98.439
|
| Yield: | 6¼%
|
| Spread: | 479 bps
|
| First call: | April 1, 2017 at 103
|
| Trade date: | March 22
|
| Settlement date: | March 27
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¼% to 6½% at about 1.5 points of OID
|
| Marketing: | Roadshow
|
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