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Harvest Midstream starts roadshow for $600 million eight-year notes
By Paul A. Harris
Portland, Ore., Aug. 3 – Harvest Midstream I LP began a brief roadshow on Monday for a $600 million offering of eight-year senior notes (expected ratings BB-/BB-), according to market sources.
The roadshow concludes on Tuesday, and the Rule 144A and Regulation S for life deal is set to price on Wednesday.
Initial talk has the notes coming to yield 7¾% to 8%, a bond trader said.
Lead left bookrunner RBC Capital Markets LLC will bill and deliver. BBVA Securities Inc., BMO Capital Markets Corp., Capital One Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
CIBC World Markets Corp., Fifth Third Securities Inc., SMBC Nikko Securities America Inc., Truist and U.S. Bancorp Investments Inc. are the senior co-managers.
ABN Amro Inc., BOK Financial Securities Inc., Comerica Securities Inc., DNB Markets, Mizuho Securities USA Inc. and Raymond James & Associates Inc. are the co-managers.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
The Houston-based energy midstream services provider plans to use the proceeds to repay debt under its revolving credit facility and term loan and for general partnership purposes.
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