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American Midstream prices $300M note offering for post-merger debt reduction

American Midstream Partners LP priced its offering of $300 million of 8.50% senior unsecured notes set to mature Dec. 15, 2021.

The partnership expects the offering to close Dec. 28, with proceeds from the transaction to arrive upon the completion of the partnership's merger with JP Energy Partners LP, according to a Dec. 13 news release.

The money would be released from escrow at the closing of the merger, after which the proceeds would be used to repay and terminate JP Energy's revolving credit facility and to reduce the partnership's indebtedness.

The offering is not dependent upon the merger's completion, but if the merger does not close on or before June 30, 2017, the escrow funds would be used to redeem the 2021 notes at par plus accrued and unpaid interest to the redemption date.

American Midstream Partners is a Houston-based, growth-oriented limited partnership with midstream energy assets in key U.S. basins.