Published on 11/16/2011 in the Prospect News High Yield Daily.
New Issue: Atlas Pipeline upsizes to $150 million, prices tap of 8¾% notes due 2018 at 103.5
By Paul A. Harris
Portland, Ore., Nov. 16 - Atlas Pipeline Partners, LP priced an upsized $150 million add-on to its 8¾% senior notes due June 15, 2018 (B3/B/) at 103.5, resulting in a 7.821% yield to worst on Wednesday, according to an informed source.
The reoffer price came at the rich end of the 103.25 to 103.5 price talk.
Wells Fargo Securities LLC was the left bookrunner for the quick-to-market add-on, which was upsized from $125 million. Bank of America Merrill Lynch was the joint bookrunner.
Proceeds will be used to repay debt and for general corporate purposes.
The issuer is a Moon Township, Pa., midstream energy services provider engaged in the transmission, gathering and processing of natural gas.
The original $250 million issue price at par in June 2008.
| Issuer: | Atlas Pipeline Partners, LP
|
| Face amount: | $150 million, increased from $125 million
|
| Proceeds: | $155.25 million
|
| Maturity: | June 15, 2018
|
| Security description: | Add-on to 8¾% senior notes due June 15, 2018
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunner: | Bank of America Merrill Lynch
|
| Co-managers: | BNP Paribas, Citigroup Global Markets, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 8¾%
|
| Price: | 103.5
|
| Yield: | 7.821%
|
| Call features: | Make-whole at Treasuries plus 50 bps until June 15, 2013, then callable at 104.375, 102.917, 101.458, par on and after June 15, 2016
|
| Equity clawback: | Until June 15, 2011 for 35% at 108.75
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 21 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 103.25 to 103.5
|
| Marketing: | Quick to market
|
| Original issue: | $250 million issue price at par in June 2008
|
| Total issue size: | $400 million
|
© 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.
