Published on 12/14/2020 in the Prospect News High Yield Daily.
New Issue: EnLink Midstream prices $500 million 5 5/8% seven-year bullet at par
By Paul A. Harris
Portland, Ore., Dec. 14 – EnLink Midstream, LLC priced a $500 million issue of senior bullet notes due Jan. 15, 2028 (Ba2/BB+/BB+) at par to yield 5 5/8% in a Monday drive-by, according to market sources.
The yield printed 12.5 basis points tighter than the 5¾% to 6% yield talk. Initial guidance was in the low 6% area.
BofA Securities Inc. was the left active bookrunner. Joint active bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Joint bookrunners were 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.
The Dallas-based midstream energy services provider plans to use the proceeds to pay down its term loan.
| Issuer: | EnLink Midstream, LLC
|
| Amount: | $500 million
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| Maturity: | Jan. 15, 2028
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| Securities: | Senior notes
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| Left active bookrunner: | BofA Securities Inc.
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| Joint active bookrunners: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Joint 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
|
| Co-managers: | Comerica Securities Inc., Raymond James & Associates and U.S. Bancorp Investments Inc.
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| Spread: | 498 bps
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| Call protection: | Par call after July 15, 2027, otherwise non-callable
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| Trade date: | Dec. 14
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| Settlement date: | Dec. 17
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| Ratings: | Moody's: Ba2
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| S&P: BB+
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5¾% to 6%
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| Marketing: | Drive-by
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