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Rattler Midstream talks $500 million five-year notes at 5¾% area; pricing Thursday
By Paul A. Harris
Portland, Ore., July 8 – Rattler Midstream LP talked its $500 million offering of five-year senior notes (Ba3/BBB-/BB+) to yield in the 5¾% area, according to a market source.
Official talk comes tighter than initial guidance in the 6% area.
Books close at 8:30 a.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
Goldman Sachs & Co. LLC (lead left), BofA Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are joint bookrunners for the Rule 144A and Regulation S offering.
The notes come with two years of call protection.
The unsecured notes will be guaranteed by Rattler subsidiaries Rattler Operating Co., Tall City Towers LLC, Rattler OMOG LLC and Rattler Ajax Processing LLC.
Proceeds from the offering will be used by Rattler Midstream Operating LLC to repay outstanding borrowings under its revolving credit facility.
Rattler Midstream is a Midland, Tex.-based subsidiary of Diamondback Energy Inc. formed to acquire and operate midstream infrastructure assets in the Permian Basin.
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