Inergy Midstream talks $400 million eight-year notes to yield 6%-6¼%

By Paul A. Harris

Portland, Ore., Nov. 28 - Inergy Midstream LP and Inergy Midstream Finance Corp. talked a $400 million offering of eight-year senior notes (B1/BB) to yield 6% to 6¼% on Wednesday, according to a syndicate source.

Books close at noon ET on Thursday, except for accounts on the West Coast of the United States. The notes are set to price thereafter.

Citigroup Global Markets Inc. is the left bookrunner.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Barclays, BMO Harris, Comerica, PNC Capital Markets LLC, RBC Capital Markets LLC and RBS Securities Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes will be non-callable for four years.

The notes carry a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to partially fund the acquisition of COLT Hub and to repay borrowings under the company's senior credit facility.

Inergy is a Kansas City, Mo.-based developer and operator of natural gas and NGL storage and transportation assets.

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