Harvest Midstream talks $600 million eight-year notes at 7½%-7¾%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Aug. 4 – Harvest Midstream I LP talked its $600 million offering of eight-year senior notes (B1/BB-/BB-) to yield 7½% to 7¾%, according to market sources.

Official talk comes tight to early guidance of 7¾% to 8%.

Books close 10 a.m. ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

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 Securities Inc. 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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