Published on 8/16/2022 in the Prospect News High Yield Daily.
New Issue: EnLink Midstream prices upsized $700 million eight-year bullet at par to yield 6½%
By Paul A. Harris
Portland, Ore., Aug. 16 – EnLink Midstream, LLC priced an upsized $700 million issue of eight-year senior bullet notes (Ba1/BB+/BB+) at par to yield 6½% in a Tuesday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of the 6½% to 6 5/8% yield talk. Initial guidance was in the high 6% area.
Wells Fargo Securities LLC was the left active bookrunner. Joint active bookrunners were BofA Securities Inc., MUFG and RBC Capital Markets LLC. Additional joint bookrunners were Citigroup Global Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and U.S. Bancorp Investments Inc.
The Dallas-based independent midstream energy services company plans to use the proceeds to fund a waterfall tender offer for its 2024, 2025 and 2026 senior notes.
| Issuer: | EnLink Midstream, LLC
|
| Amount: | $700 million, increased from $500 million
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| Issue: | Senior notes
|
| Maturity: | Sept. 1, 2030
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| Left active bookrunner: | Wells Fargo Securities LLC
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| Joint active bookrunners: | BofA Securities Inc., MUFG and RBC Capital Markets LLC
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| Joint bookrunners: | Citigroup Global Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | Comerica Securities Inc. and Zions Direct Inc.
|
| Coupon: | 6½%
|
| Price: | Par
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| Yield: | 6½%
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| Spread: | 369 bps
|
| Call protection: | Par call six months prior to maturity, otherwise non-callable
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| Trade date: | Aug. 16
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| Settlement date: | Aug. 31
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| Ratings: | Moody's: Ba1
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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: | 6½% to 6 5/8%
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| Marketing: | Drive-by
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