Blue Racer Midstream, LLC Withdraws Proposed Offering of Senior Notes and Terminates Concurrent Tender Offer

Blue Racer Midstream, LLC (Blue Racer) today announced that, due to the current unfavorable conditions in the debt capital markets, it has decided to withdraw its proposed offering of senior notes due 2025 (the Notes Offering).

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Business Wire, Inc.Business Wire, Inc.
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Friday, July 10, 2020
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Energy, Professional services, Oil, Gas, Finance, Corporate finance, Tender
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United States, Texas
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Summary
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  • Blue Racer Midstream, LLC (Blue Racer) today announced that, due to the current unfavorable conditions in the debt capital markets, it has decided to withdraw its proposed offering of senior notes due 2025 (the Notes Offering).
  • As a result of its decision not to proceed with its Notes Offering, Blue Racer has also determined to terminate its previously announced cash tender offer (the Tender Offer) to purchase up to $400.0 million aggregate principal amount of its 6.125% senior notes due 2022 (the 2022 Notes).
  • Blue Racers obligation to consummate the Tender Offer was conditioned upon the completion of the proposed Notes Offering.
  • Accordingly, as this financing condition will not be satisfied, Blue Racer formally terminates the Tender Offer.


Blue Racer Midstream, LLC (“Blue Racer”) today announced that, due to the current unfavorable conditions in the debt capital markets, it has decided to withdraw its proposed offering of senior notes due 2025 (the “Notes Offering”). As a result of its decision not to proceed with its Notes Offering, Blue Racer has also determined to terminate its previously announced cash tender offer (the “Tender Offer”) to purchase up to $400.0 million aggregate principal amount of its 6.125% senior notes due 2022 (the “2022 Notes”). Blue Racer’s obligation to consummate the Tender Offer was conditioned upon the completion of the proposed Notes Offering. Accordingly, as this financing condition will not be satisfied, Blue Racer formally terminates the Tender Offer. Any 2022 Notes that have been tendered will be promptly returned to holders.

Questions may be directed to Global Bondholder Services Corporation, 212-430-3774 (banks/brokers) or 866-470-3700 (toll-free).

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy securities, except as required by law.

Forward-Looking Statements

This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the issuance of this press release.

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