By Paul A. Harris
Portland, Ore., Nov. 26 - Afren plc priced a $360 million issue of seven-year senior secured notes (/B+/B+) at par to yield 6 5/8% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk in the 6¾% area.
Global coordinator Citigroup was a joint lead manager and joint bookrunner. BofA Merrill Lynch and Credit Suisse were also joint lead managers and joint bookrunners.
Proceeds will be used to fund the tender for the company's notes maturing in 2016 and 2019; a clause in the credit agreement allows for the security on the notes to fall away upon full repayment of the 2016 and 2019 notes.
The London-based oil and gas exploration, development and production company has operations in Africa and the Middle East. As such, the deal was transacted on the emerging markets desk.
| Issuer: | Afren plc
|
| Amount: | $360 million
|
| Maturity: | Dec. 9, 2020
|
| Securities: | Senior secured notes
|
| Global coordinator: | Citigroup
|
| Joint bookrunners: | Citigroup, BofA Merrill Lynch, Credit Suisse
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| First call: | Dec. 9, 2016 at 103.313
|
| Trade date: | Nov. 26
|
| Settlement date: | Dec. 9
|
| Ratings: | Standard & Poor's: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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