Antero Midstream to price $600 million eight-year notes in drive-by; whisper is 5¼% area

By Paul A. Harris

Portland, Ore., Feb. 20 – Antero Midstream Partners LP plans to price a $600 million offering of eight-year senior notes (confirmed B3/ existing BB+/BBB-) in a quick-to-market Wednesday trade following a late-morning conference call with investors, according to market sources.

Initial price talk has the deal coming to yield in the 5¼% area, a buyside source said.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, Capital One Securities Inc., Citigroup Global Markets Inc. and Credit Agricole CIB are the joint bookrunners.

The Rule 144A for life notes come with three years of call protection.

The Denver-based limited partnership plans to use the proceeds to pay down bank debt.

Antero Midstream owns, operates and develops midstream gathering, compression, processing and fractionation assets as well as integrated water assets that primarily service Antero Resources Corp.’s properties located in West Virginia and Ohio.

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