By Paul A. Harris
Portland, Ore., July 27 – Hi-Crush Partners LP priced a $450 million offering of eight-year senior notes (B3/B-) at par to yield 9½% on Friday, according to a market source.
The yield printed at the wide end of the 9¼% to 9½% yield talk and well wide of initial guidance in the 8½% area.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Investment Bank were the joint bookrunners.
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.
| Issuer: | Hi-Crush Partners LP
|
| Amount: | $450 million
|
| Maturity: | Aug. 1, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Investment Bank
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 655 bps
|
| Call protection: | Three years
|
| Trade date: | July 27
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 9¼% to 9½%
|
| Marketing: | Roadshow
|
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