Ithaca Energy talks $300 million five-year notes to yield 8%-8¼%

By Paul A. Harris

Portland, Ore., June 27 – Ithaca Energy Inc. talked its $300 million offering of five-year senior notes (Caa1/CCC+/) to yield 8% to 8¼% on Friday, according to a syndicate source.

Books close at 10 a.m. ET on Monday, and the deal is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and RBC Capital Markets are also joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes come with two years of call protection.

The Aberdeen, Scotland-based oil and gas exploration, development and production company plans to use the proceeds to repay bank debt.

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