By Paul A. Harris
Portland, Ore., Feb. 22 – Tallgrass Energy Partners, LP priced a $400 million issue of Prairie Acquiror LP 5.5-year senior secured notes (B3/B) at par to yield 9% on Thursday, according to market sources.
The yield printed at the tight end of the 9% to 9¼% yield talk. Initial guidance was 9¼% to 9½%.
J.P. Morgan Securities LLC was the lead.
The Leawood, Kan.-based energy infrastructure company plans to use the proceeds plus its amended and restated term loan to refinance all or a portion of its existing term loan, with the remainder of the proceeds to be used for general partnership purposes.
Prairie Acquiror, directly or indirectly, owns 100% of the ownership interests in Tallgrass Energy Partners.
Issuer: | Prairie Acquiror LP
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Amount: | $400 million
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Issue: | Senior secured notes
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Maturity: | Aug. 1, 2029
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Lead: | J.P. Morgan Securities LLC
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Spread: | 467 bps
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Call protection: | Two years
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Trade date: | Feb. 22
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Settlement date: | March 6
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Ratings: | Moody’s: B3
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| S&P: B
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Distribution: | Rule 144A and Regulation S
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Price talk: | 9% to 9¼%
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Marketing: | Roadshow
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