Rattler Midstream starts roadshow for $500 million five-year notes; early whisper 6% area

By Abigail W. Adams

Portland, Me., July 7 – Rattler Midstream LP started a roadshow on Tuesday for a $500 million offering of five-year senior notes that will run through Thursday with pricing expected thereafter.

The notes are non-callable for two years.

Early whispers have the deal coming with a yield in the 6% area, according to a market source.

Goldman Sachs & Co. LLC (lead left), BofA Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are joint bookrunners for the Rule 144A and Regulation S offering.

The unsecured notes will be guaranteed by Rattler subsidiaries Rattler Operating Co., Tall City Towers LLC, Rattler OMOG LLC and Rattler Ajax Processing LLC.

Proceeds from the offering will be used by Rattler Midstream Operating LLC to repay outstanding borrowings under its revolving credit facility.

Rattler Midstream is a Midland, Tex.-based subsidiary of Diamondback Energy Inc. formed to acquire and operate midstream infrastructure assets in the Permian Basin.

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