Hi-Crush Partners talks $450 million eight-year notes at 9¼%-9½%; books close Friday

By Paul A. Harris

Portland, Ore., July 27 – Hi-Crush Partners LP talked its $450 million offering of eight-year senior notes (B3/B-) to yield 9¼% to 9½%, according to a market source.

Official talk comes well wide of initial guidance in the 8½% area.

Books were scheduled to close at noon ET on Friday, according to the source, who added that the deal might be upsized to $600 million.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The Houston-based provider of proppant and logistics solutions to the oil and gas industry plans to use the proceeds to refinance its term loan, as well as to fund the cash portion of the FB Industries Inc. acquisition, and for general partnership purposes.

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