By Paul A. Harris
Portland, Ore., March 7 – Archrock, Inc. priced a $500 million issue of eight-year senior notes (B3/B-) at par to yield 6 7/8% in a quick-to-market Thursday trade, according to market sources.
The yield printed in the middle of yield talk in the 6 7/8% area.
J.P. Morgan Securities LLC was the lead.
The issuing entity is Archrock Partners, LP, a wholly owned subsidiary of Archrock, which intends to use the proceeds to redeem its 6% senior notes due 2021 and pay down its revolving credit facility.
Archrock Partners Finance Corp., a wholly owned subsidiary of Archrock Partners, will be the co-issuer.
Archrock is a Houston-based energy infrastructure company with a pure-play focus on midstream natural gas compression.
| Issuers: | Archrock Partners, LP and Archrock Partners Finance Corp.
|
| Amount: | $500 million
|
| Maturity: | 2027
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Call protection: | Three years
|
| Trade date: | March 7
|
| Settlement date: | March 19
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 7/8% area
|
| Marketing: | Quick to market
|
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