Published on 11/17/2017 in the Prospect News High Yield Daily.
New Issue: Hess Infrastructure prices $800 million 8.25-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., Nov. 17 – Hess Infrastructure Partners LP priced an $800 million issue of 8.25-year senior notes (Ba2/BB) at par to yield 5 5/8% on Friday, according to a market source.
The yield printed in the middle of the 5½% to 5¾% yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Morgan Stanley & Co. LLC and MUFG managed the sale.
The midstream crude oil and natural gas infrastructure company, a division of New York-based Hess Corp., plans to use the proceeds to repay debt and fund a distribution to shareholders.
| Issuer: | Hess Infrastructure Partners LP
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| Amount: | $800 million
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| Maturity: | Feb. 15, 2026
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| Securities: | Senior notes
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| Managers: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Morgan Stanley & Co. LLC, MUFG
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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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| Call protection: | 3.25 years
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| Trade date: | Nov. 17
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| Ratings: | Moody's: Ba2
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| S&P: BB
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| Price talk: | 5½% to 5¾%
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| Marketing: Roadshow
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