Hiland Partners to hit Tuesday's market with $150 million add-on to 7¼% notes due 2020

By Aleesia Forni

Virginia Beach, Va., April 23 - Hiland Partners LP and Hiland Partners Finance Corp. are planning a $150 million tap of their existing 7¼% senior notes due Oct. 1, 2020 (B3/B-/), according to a market source.

Pricing is expected Tuesday.

The Rule 144A with contingent registration rights notes will be callable on Oct. 1, 2016 at 103.625.

BofA Merrill Lynch, Wells Fargo Securities LLC and RBS Securities Inc. are the joint bookrunners.

J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. are the senior co-managers.

BOSC and Comerica are the co-managers.

The notes feature a 101% poison put.

Proceeds will be used to reduce borrowings under the company's revolving credit facility.

Hiland Partners is an Enid, Okla.-based private energy partnership focused on providing midstream services to oil and gas producers in the Williston Basin, Bakken Shale and Mid-Continent regions in the United States.

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