Published on 12/12/2012 in the Prospect News High Yield Daily.
New Issue: Access Midstream sells $1.4 billion 4.875% senior notes due 2023 at par
By Paul A. Harris and Aleesia Forni
Columbus, Ohio, Dec. 12 - Access Midstream Partners, LP, formerly Chesapeake Midstream Partners, LP, tapped the market on Wednesday to price a $1.4 billion offering of 4.875% 10.5-year senior notes (Ba3/BB-/) at par, according to a syndicate source.
Citigroup Global Markets Inc. is the left bookrunner.
Barclays, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.
The notes feature a three-year 35% equity clawback and a 101% poison put.
The Oklahoma City-based midstream natural gas services provider plans to use the proceeds to fund the acquisition of Chesapeake Midstream Operating, LLC, to repay revolver debt and for general partnership purposes.
| Issuer: | Access Midstream Partners, LP
|
| Issue: | Senior notes
|
| Amount: | $1.4 billion
|
| Maturity: | May 15, 2023
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | RBS Securities Inc., Compass Bank, BMO Securities, BNS, US Bank, Capital One, Morgan Stanley & Co. LLC, Mitsubishi UFJ Securities, DNB Markets, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Deutsche Bank Securities Inc., Sumitomo, Comerica Securities, Raymond James, TD Securities
|
| Coupon: | 4.875%
|
| Price: | Par
|
| Yield: | 4.875%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Dec. 15, 2017, then callable at 102.438, 101.625, 100.813, par on and after Dec. 15, 2020
|
| Equity clawback: | 35% at 104.875
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
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