CrownRock talks $150 million tack-on to 5 5/8% notes due 2025 at 98.26-98.5; pricing Thursday

By Paul A. Harris

Portland, Ore., May 17 – CrownRock, LP and CrownRock Finance, Inc. talked a $150 million tack-on to their 5 5/8% senior notes due Oct. 15, 2025 at 98.26 to 98.5, according to a syndicate source.

Books close 1:30 p.m. ET on Thursday, and the quick-to-market offering is set to price thereafter.

Credit Suisse Securities (USA) LLC is the lead left bookrunner for the Rule 144A and Regulation S for life deal. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the joint bookrunners.

BMO Securities, BBVA Securities Inc., BB&T Capital Markets, Comerica, Iberia, ING, PNC Capital Market LLC, WoodRock and TD Securities (USA) LLC are the co-managers.

The notes become callable at 104.219 on Oct. 15, 2020 and feature a 35% equity clawback at 105.625 until Oct. 15, 2020 and a 101% poison put.

The Midland, Texas-based independent oil and natural gas company plans to use the proceeds for general corporate purposes.

The original $1 billion issue priced at par on Oct. 2, 2017.

The tack-on notes will immediately become fungible with the existing notes.

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