Published on 4/4/2019 in the Prospect News High Yield Daily.
New Issue: EnLink Midstream prices $500 million bullet notes due June 2029 at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., April 4 – EnLink Midstream, LLC priced a $500 million issue of senior bullet notes due June 1, 2029 (Ba1/BB+/BBB-) at par to yield 5 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 5½% area. Initial guidance was in the 5½% to 5¾% area.
The notes were trading at par ½ bid, 101 offered shortly after they broke, according to an investor who added that the order book was heard to be in good shape, at five to six times deal size.
Joint active bookrunner RBC Capital Markets LLC will bill and deliver. BMO Capital Markets Corp., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are also joint active bookrunners.
The Dallas-based midstream energy services provider plans to use the proceeds to repay debt and for general corporate purposes.
| Issuer: | EnLink Midstream, LLC
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| Amount: | $500 million
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| Maturity: | June 1, 2029
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| Securities: | Senior notes
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| Active bookrunners: | RBC Capital Markets LLC (bill and deliver), BMO Capital Markets Corp., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
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| Joint bookrunners: | BB&T Capital Markets, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Regions Securities Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc.
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| Coupon: | 5 3/8%
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| Price: | Par
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| Yield: | 5 3/8%
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| Call protection: | Mark-whole call at Treasuries plus 50 bps until March 1, 2029, then callable at par, otherwise non-callable
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| Trade date: | April 4
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| Settlement date: | April 9
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| Ratings: | Moody's: Ba1
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| S&P: BB+
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price talk: | 5½% area
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| Marketing: | Quick-to-market
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