Published on 3/6/2017 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Vermilion Energy prices $300 million eight-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., March 6 – Vermilion Energy Inc. priced a $300 million issue of eight-year senior notes (B2/BB-) at par to yield 5 5/8% on Monday, according to market sources.
The yield came tighter than the 5¾% to 6% yield talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, TD Securities, Scotia Capital, BMO Securities, CIBC World Markets, National Bank of Canada and RBC Capital Markets LLC were the joint bookrunners.
The Calgary, Alta.-based energy producer intends to use the proceeds to repay a portion of the debt outstanding on its revolving credit facility.
| Issuer: | Vermilion Energy Inc.
|
| Amount: | $300 million
|
| Maturity: | March 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, TD Securities, Scotia Capital, BMO Securities, CIBC World Markets, National Bank of Canada, RBC Capital Markets LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 321 bps
|
| Call protection: | Three years
|
| Trade date: | March 6
|
| Settlement date: | March 13
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
|
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