American Midstream Increases Liquidity and Enhances Capital Structure Through Pricing of $125 Million of Senior Notes
December 14 2017 - 5:04PM
Business Wire
American Midstream Partners, LP (NYSE: AMID) (the “Partnership”)
announced today the pricing of $125 million aggregate principal
amount of 8.50% Senior Notes due 2021 at an offering price equal to
102.375% of par. The notes are an additional issue of the
Partnership’s outstanding 8.50% Senior Notes due 2021, which were
issued in an aggregate principal amount of $300 million on December
28, 2016. The two offerings comprise total aggregate principal
amount outstanding of $425 million and, except for notes sold
pursuant to Regulation S under the Securities Act of 1933, as
amended (the “Securities Act”), the notes will trade under the
existing CUSIP numbers.
The Partnership expects the offering to close on December 19,
2017, subject to the satisfaction of customary closing conditions,
and expects to use the net proceeds from the offering to reduce
borrowings under its revolving credit facility. As of September 30,
2017, after giving effect to the offering and the use of proceeds
therefrom, the Partnership would have had approximately $290
million of available liquidity to meet its strategic growth
objectives.
The notes have not been registered under the Securities Act, or
any state securities laws. Unless so registered, the securities may
not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.
The notes have been offered and sold to qualified institutional
buyers in the United States pursuant to Rule 144A under the
Securities Act, and to persons, other than U.S. persons, outside of
the United States pursuant to Regulation S under the Securities
Act.
This press release is being issued pursuant to Rule 135c under
the Securities Act, and is neither an offer to sell nor a
solicitation of an offer to purchase the notes or any other
securities, and shall not constitute an offer to sell, a
solicitation of an offer to buy, or a sale of, the notes or any
other securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited
partnership formed to provide critical midstream infrastructure
that links producers of natural gas, crude oil, NGLs, condensate
and specialty chemicals to end-use markets. American Midstream’s
assets are strategically located in some of the most prolific
onshore and offshore basins in the Permian, Eagle Ford, East Texas,
Bakken and Gulf Coast. American Midstream owns or has an ownership
interest in approximately 5,100 miles of interstate and intrastate
pipelines, as well as ownership in gas processing plants,
fractionation facilities, an offshore semisubmersible floating
production system with nameplate processing capacity of 100 MBbl/d
of crude oil and 240 MMcf/d of natural gas; and terminal sites with
approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP,
visit: www.americanmidstream.com. The content of our website is not
part of this release.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
related to the Partnership’s expectations regarding the timing of
the proposed offering and use of proceeds. We have used the words
“could,” “expect,” “intend,” “may,” “will,” “would” and similar
terms and phrases to identify forward-looking statements in this
press release. Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking
statements based on these assumptions could be incorrect. Many of
the factors that will determine these results are beyond our
ability to control or predict. These factors include the risk
factors described in Part I, Item 1A. in our Annual Report on Form
10-K for the year ended December 31, 2016, filed with the SEC on
March 28, 2017, our Form 10-Q for the quarter ended September 30,
2017, filed with the SEC on November 9, 2017, and our other filings
with the SEC. All future written and oral forward-looking
statements attributable to us or persons acting on our behalf are
expressly qualified in their entirety by the previous statements.
The forward-looking statements herein speak as of the date of this
press release. We undertake no obligation to update such statements
for any reason, except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171214006425/en/
InvestorsAmerican Midstream Partners, LPMark
SchuckDirector of Investor
Relations346-241-3497mschuck@americanmidstream.com
American Midstream Partn... (NYSE:AMID)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Midstream Partn... (NYSE:AMID)
Historical Stock Chart
From Apr 2023 to Apr 2024