Tallgrass Energy to price $400 million secured notes due 2029 on Thursday; initial talk 9¼%-9½%

By Paul A. Harris

Portland, Ore., Feb. 20 – Tallgrass Energy Partners, LP commenced marketing a $400 million offering of Prairie Acquiror LP senior secured notes due Aug. 1, 2029 on Monday, according to market sources.

Initial guidance has the deal coming to yield 9¼% to 9½%.

Pricing is expected on Thursday.

The Rule 144A and Regulation S 5.5-year notes come with two years of call protection.

J.P. Morgan Securities LLC is 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 proceeds to be used for general partnership purposes.

Prairie Acquiror, directly or indirectly, owns 100% of the ownership interests in Tallgrass Energy Partners.

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