Berry Petroleum sets roadshow for $350 million eight-year notes; early February pricing expected

By Paul A. Harris

Portland, Ore., Jan. 26 – Berry Petroleum Co., LLC plans to start a roadshow on Monday in New York and New Jersey for a $350 million offering of eight-year senior notes, according to a syndicate source.

The roadshow continues in New York on Tuesday, moves to Boston on Wednesday, to Los Angeles on Thursday and to San Francisco on Feb. 2, and the deal is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner for the 144A and Regulation S for life deal. Wells Fargo Securities LLC, BMO Capital Markets, Morgan Stanley & Co. LLC, UBS Investment Bank and KeyBanc Capital Markets are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

The Bakersfield, Calif.-based company plans to use the proceeds to pay down its revolving credit facility and for general corporate purposes.

Berry Petroleum owns and operates oil and gas properties in California, Colorado, Utah, Kansas and Texas.

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