Archrock Partners driving by with $400 million 8.25-year notes, guidance low-to-mid 6% area

By Paul A. Harris

Portland, Ore., Dec. 16 – Archrock Partners, L.P. and Archrock Partners Finance Corp. plan to price a $400 million offering of senior notes due April 1, 2028 (expected ratings B2/B+) in a quick-to-market Monday trade following a late-morning conference call with investors, according to market sources.

Initial guidance has the deal shaping up to yield in the low-to-mid 6% area, a bond trader said.

Lead left bookrunner RBC Capital Markets Corp. will bill and deliver. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Regions Securities Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the joint bookrunners.

SunTrust Robinson Humphrey Inc. is the senior co-manager. SMBC Nikko Securities America Inc., BBVA Securities Inc., CIT Capital Securities, Fifth Third Securities Inc., PNC Capital Markets LLC, Raymond James & Associates and FHN Financial Securities are the co-managers.

The Rule 144A 8.25-year notes come with 3.25 years of call protection.

The Houston-based energy infrastructure company plans to use the proceeds to repay debt under its credit facility and for other partnership purposes.

Archrock Partners has a pure-play focus on midstream natural gas compression.

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