Antero Midstream driving by with $650 million eight-year senior notes; initial talk 5 3/8%-5½%

By Paul A. Harris

Portland, Ore., May 24 – Antero Midstream Corp. plans to price a $650 million offering of eight-year senior notes (expected ratings B1/BB-) in a Monday drive-by, according to market sources.

Initial guidance has the notes coming to yield 5 3/8% to 5½%.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S notes sale.

The notes come with three years of call protection.

The Denver-based developer, owner and operator of midstream energy infrastructure plans to use the proceeds plus credit facility borrowings to redeem all $650 million of its 5 3/8% senior notes due 2024 at 102.688 plus accrued interest.

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