Harvest Midstream talks $500 million eight-year notes to yield 7½%-7 5/8%; pricing Monday

By Abigail W. Adams

Portland, Me., April 29 – Harvest Midstream I, LP plans to price $500 million of eight-year senior notes (B1/BB-) in a Monday drive-by with price talk for a yield of 7½% to 7 5/8%, according to a market source.

Early guidance was for a yield in the 7¾% area.

Books close at 2:30 p.m. ET on Monday with pricing expected thereafter.

The notes are non-callable for three-years.

Wells Fargo Securities LLC is leading the Rule 144A and Regulation S offering.

J.P. Morgan Securities LLC, RBC Capital Markets LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc. are also bookrunners.

Proceeds will be used to repay a portion of the company’s term loan A due 2026 and its revolving credit facility.

Harvest Midstream is a Houston-based energy midstream services provider.

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