Hiland Partners to sell $350 million notes due 2020 at 7½% area

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Sept. 11 - Hiland Partners LP and Hiland Partners Finance Corp. plan to issue $350 million senior notes due 2020 (B3/B-) with price talk set in the 7½% area, a market source said.

The notes will be non-callable for four years with a 101% poison put.

Books close at 1 p.m. ET Tuesday, with pricing expected thereafter.

Bank of America Merrill Lynch, Wells Fargo Securities LLC and RBS Securities Inc. are the joint bookrunners, while J.P. Morgan Securities LLC and US Bancorp are senior co-managers.

Bank One Southcoast and Comerica are the co-managers for the Rule 144A deal with registration rights.

Proceeds, along with equity contributions, will be used to pay down the company's revolving credit facility.

Hiland is an Enid, Okla.-based provider of natural gas gathering and processing services.

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