Access Midstream intends to price $400 million tap of 5 7/8% notes due 2021 Wednesday

By Paul A. Harris

Portland, Ore., Aug. 14 - Access Midstream Partners, LP and ACMP Finance Corp. plan to price a $400 million fungible add-on to their 5 7/8% senior notes due April 15, 2021 (expected ratings Ba3/BB) on Wednesday, trailing a late-morning investor call, according to syndicate sources.

Barclays, BBVA, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners for the public offering.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., DNB, Goldman Sachs & Co., J.P. Morgan Securities LLC, Mitsubishi, Scotia Capital and U.S. Bancorp Investments Inc. are the senior co-managers.

BofA Merrill Lynch, Capital One, Comerica, Credit Agricole CIB, Morgan Stanley & Co. LLC, RBC Capital Markets, SMBC, SunTrust Robinson Humphrey Inc., TD Securities and UBS Investment Bank are the co-managers.

The notes become callable on April 15, 2015 at 104.406. They feature a 35% equity clawback until April 15, 2014 and a 101% poison put.

The Oklahoma City-based natural gas services provider plans to use the proceeds for general partnership purposes, including the repayment of revolver debt.

The original $350 million issue priced in March 2012.

The add-on notes will be immediately fungible with the existing notes.

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