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Howard Midstream Energy starts roadshow for $400 million five-year notes; initial talk 7% area
By Paul A. Harris
Portland, Ore., Dec. 7 – Howard Midstream Energy Partners, LLC started a roadshow on Tuesday for a $400 million offering of senior notes due January 2027 (expected ratings B3/B), according to market sources.
Initial guidance has the notes coming to yield in the 7% area.
An investor call is scheduled to start at noon ET on Wednesday.
The Rule 144A and Regulation S for life deal is expected to price on Thursday or Friday.
Left bookrunner RBC Capital Markets LLC will bill and deliver. Capital One Securities Inc., CIBC World Markets Corp., Citizens Capital Markets Inc., MUFG, TD Securities (USA) LLC, Truist Securities Inc., ING Financial Markets LLC, Regions Securities LLC, U.S. Bancorp Investments Inc. and SMBC Nikko Securities America Inc. are the joint bookrunners.
Cadence, Comerica Securities Inc., FHN Financial Securities Corp. and Zions are the co-managers.
The five-year notes become callable after two years at par plus 75% of the coupon.
The San Antonio-based energy infrastructure company plans to use the proceeds to repay debt.
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