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Latham Advises Initial Purchasers in Solaris Midstream Holdings’ Sustainability-Linked Bond Offering

March 25, 2021
The transaction adheres to the Sustainability-Linked Bond Principles issued by the International Capital Market Association.

Solaris Midstream Holdings, LLC, parent company to Solaris Water Midstream, LLC (collectively, Solaris Water), has announced the pricing of US$400 million aggregate principal amount of senior unsecured notes (the Notes). The Notes, which priced at par, will mature in 2026 and will pay an annual interest rate of 7.625%. Solaris Water intends to use the net proceeds from the offering to repay all borrowings under its revolving credit facility, to redeem all outstanding preferred equity, and for general corporate purposes.

Latham & Watkins LLP represents the initial purchasers and sustainability-linked bond structuring agent in the offering with a corporate deal team led by Houston partners David Miller and Trevor Lavelle, with associates Madeleine Neet, Kate Wang, Anji Yuan, and Ziyad Barghouthy. Advice was also provide on tax matters by Houston partner Jim Cole, with associate Emily Fawcett; and on environmental matters by Los Angeles counsel Joshua Marnitz.