debt
confidence high
sentiment neutral
materiality 0.70
Archrock closes $700M 6.625% notes due 2032; tender offer for 2027 notes oversubscribed
Archrock, Inc.
- $700M 6.625% senior notes due 2032 issued by Archrock Partners & Finance Corp., guaranteed by parent and subsidiaries.
- Net proceeds to fund acquisition of Total Operations and Production Services and tender offer for up to $200M of 6.875% 2027 notes.
- Tender offer for 6.875% 2027 notes received ~$312.3M tenders against $200M cap; proration factor ~64%.
- Initial settlement for tender on Aug 26, 2024; offers expire Sept 10, 2024.
- Supplemental indentures added Archrock ELT LLC as guarantor for existing 2027 and 2028 notes.