By Paul A. Harris
Portland, Ore., Nov. 15 – Centennial Resource Development, Inc. priced an upsized $400 million issue of eight-year senior notes (B3/BB-) at par to yield 5 3/8% on Wednesday, according to a market source.
The issue size increased from $350 million.
The yield printed in the middle of the 5¼% to 5½% yield talk.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets LLC managed the sale.
The Denver-based oil and gas company plans to use the proceeds to pay off its revolving credit facility and for general corporate purposes.
| Issuer: | Centennial Resource Development, Inc.
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Senior notes
|
| Managers: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, RBC Capital Markets LLC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Three years
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: B3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Roadshow
|
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