Antero Midstream driving by with $500 million eight-year notes; initial talk high-6% area

By Paul A. Harris

Portland, Ore., Jan. 11 – Antero Midstream Partners LP and Antero Midstream Finance Corp. plan to price a $500 million offering of senior notes due 2032 (Ba3/BB) in a Thursday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the high-6% area, a trader said.

The Rule 144A and Regulation S for life eight-year notes become subject to an initial call in three years at par plus 50% of the coupon.

Wells Fargo Securities LLC is the left bookrunner. J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, SMBC Nikko Securities America Inc. and Truist Securities Inc. are the joint bookrunners.

The Denver-based operator of midstream gathering, compression, processing and fractionation assets plans to use the proceeds to repay debt under its revolver, which may be re-borrowed for general corporate purposes, including repayment of other near-term maturities.

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