Published on 7/9/2014 in the Prospect News High Yield Daily.
New Issue: Summit Midstream prices $300 million 5½% eight-year notes at par
By Paul A. Harris
Portland, Ore., July 9 – Summit Midstream Partners, LP priced a $300 million issue of eight-year senior notes (B3/B/) at par to yield 5½% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 5 5/8% area.
Deutsche Bank Securities Inc., RBC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Dallas-based limited partnership plans to use the proceeds to pay down its revolving credit facility.
The issuing entities will be Summit Midstream Holdings, LLC, a wholly owned subsidiary of Summit Midstream Partners, and Summit Midstream Finance Corp., a wholly owned subsidiary of Summit Midstream Holdings.
Summit Midstream Partners focuses on developing, owning and operating midstream energy infrastructure.
| Issuers: | Summit Midstream Holdings, LLC and Summit Midstream Finance Corp.
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., RBC Capital Markets LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Senior co-managers: | BBVA Securities Inc., BMO Capital Markets Corp., ING Financial Markets LLC, BofA Merrill Lynch, Regions Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Capital One Securities Inc., Credit Agricole Securities (USA) Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| First call: | Aug. 15, 2017 104.125
|
| Trade date: | July 9
|
| Settlement date: | July 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 5 5/8% area
|
| Marketing: | Quick to market
|
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