By Abigail W. Adams
Portland, Me., Nov. 5 – Antero Midstream Partners LP and Antero Midstream Finance Corp. priced an upsized $550 million of long five-year senior notes (B3/B) at par to yield 7 7/8% in a Thursday drive-by, according to a market source.
Pricing came at the midpoint of talk for a yield of 7¾% to 8%. Initial guidance was in the low 8% area.
The deal was initially launched as a $400 million offering.
J.P. Morgan Securities LLC (lead left), Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, Truist Securities Inc. and Wells Fargo Securities LLC were the bookrunners for the Rule 144A and Regulation S offering.
The notes have 2.5 years of call protection.
Proceeds will be used to repay a portion of borrowings under the company’s credit facility.
Antero Midstream is a Denver-based midstream oil and gas company.
| Issuers: | Antero Midstream Partners LP and Antero Midstream Finance Corp.
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| Amount: | $550 million
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| Maturity: | May 15, 2026
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC (lead left), Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, Truist Securities Inc. and Wells Fargo Securities LLC
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| Senior co-managers: | BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets Corp. and SMBC Nikko Securities America Inc.
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| Co-managers: | BofA Securities Inc., CIBC World Markets Corp., ING Financial Markets LLC and U.S. Bancorp Investments Inc.
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| Coupon: | 7 7/8%
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| Price: | Par
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| Yield: | 7 7/8%
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| First call: | May 15, 2023
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| Trade date: | Nov. 5
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| Ratings: | Moody's: B3
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Yield of 7¾% to 8%
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| Marketing: | Quick to market
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