By Paul A. Harris
Portland, Ore., May 24 – Antero Midstream Corp. priced an upsized $750 million issue of eight-year senior notes (B1/BB-) at par to yield 5 3/8% in a Monday drive-by, according to market sources.
The issue size increased from $650 million.
The yield printed at the wide end of the 5¼% to 5 3/8% yield talk. Initial guidance was 5 3/8% to 5½%.
The deal was heard to be playing to $1.25 billion of orders early Monday afternoon, a trader said.
J.P. Morgan Securities LLC was the lead.
The Denver-based developer, owner and operator of midstream energy infrastructure plans to use the proceeds, including the additional proceeds resulting from the $100 million upsizing of the deal, to redeem all $650 million of its 5 3/8% senior notes due 2024 at 102.688, with the remaining net proceeds to repay borrowings under its credit facility.
| Issuer: | Antero Midstream Corp.
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| Amount: | $750 million, increased from $650 million
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| Maturity: | June 15, 2029
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| Securities: | Senior notes
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| Lead: | J.P. Morgan Securities LLC
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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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| Spread: | 398 bps
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| Call protection: | Three years
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| Trade date: | May 24
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| Settlement date: | June 8
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| Ratings: | Moody's: B1
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 5¼% to 5 3/8%
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| Marketing: | Drive-by
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