EnLink Midstream driving by with $500 million seven-year bullet; initial talk in low 6% area

By Paul A. Harris

Portland, Ore., Dec. 14 – EnLink Midstream, LLC plans to price a $500 million offering of senior bullet notes due Jan. 15, 2028 (Ba2//BB+) in a Monday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the Rule 144A for life notes coming to yield in the low 6% area, a trader said.

BofA Securities Inc. is the left active bookrunner. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint active bookrunners. PNC Capital Markets LLC, Barclays, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG, Regions Securities LLC, TD Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Comerica Securities Inc., Raymond James & Associates and U.S. Bancorp Investments Inc. are the co-managers.

The seven-year notes feature a par call six months prior to maturity but are otherwise non-callable.

The Dallas-based midstream energy services provider plans to use the proceeds to pay down its term loan.

© 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.