CrownRock to price $350 million eight-year notes later this week

By Paul A. Harris

Portland, Ore., April 1 - CrownRock, LP and CrownRock Finance, Inc. plan to price a $350 million offering of eight-year senior notes later this week, according to an informed source.

Credit Suisse Securities (USA) LLC and Mitsubishi UFJ Securities are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon. The notes feature a three-year 35% equity clawback and a 101% poison put.

A special call at 110% comes into effect if a change of control takes place before July 1, 2014.

The Midland, Texas-based energy company plans to use the proceeds to repay debt and for general corporate purposes.

CrownRock develops oil and gas properties in the Permian Basin and Rocky Mountain regions of the United States.

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