By Paul A. Harris
Portland, Ore., Sept. 4 - Regency Energy Partners LP priced a downsized $400 million issue of non-callable seven-year senior notes (B1/BB/) at par to yield 5¾% on Wednesday, according to a market source.
The quick-to-market deal was downsized from $500 million.
The yield printed at the wide end of yield talk set in the 5 5/8% area.
RBS Securities Inc., BBVA, Comerica, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Natixis, RBC Capital Markets and Scotia Capital were the joint bookrunners.
The Dallas-based master limited partnership plans to use the proceeds to repay revolver debt.
Regency Energy Partners is engaged in the gathering and processing, compression, treating and transportation of natural gas and the transportation, fractionation and storage of natural gas liquids. Its general partner is owned by Energy Transfer Equity, LP.
| Issuer: | Regency Energy Partners LP
|
| Amount: | $400 million, decreased from $500 million
|
| Maturity: | Sept. 1, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | RBS Securities Inc., BBVA, Comerica, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Natixis, RBC Capital Markets, Scotia Capital
|
| Co-managers: | Capital One South Coast, PNC Capital Markets
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 339 bps
|
| Call protection: | Non-callable until three months prior to maturity, then callable at par
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5 5/8% area
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
