Eagle Rock talks $300 million eight-year notes with 8¼%-8½% yield

By Paul A. Harris

Portland, Ore., May 23 - Eagle Rock Energy Partners LP talked its $300 million offering of eight-year senior notes (B3/B-/) with an 8¼% to 8½% yield on Monday, according to an informed source.

The order books close at 1 p.m. ET on Tuesday.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A with registration rights offering.

Bank of America Merrill Lynch, BNP Paribas and RBS Securities Inc. are the joint bookrunners.

BBVA Securities, Citigroup Global Markets Inc., Comerica Investments, ING, Morgan Keegan, RBC Capital Markets and Scotia Capital are the senior co-managers. Capital One South Coast is the co-manager.

The notes, which are coming to market via special purpose vehicle Eagle Rock Energy Finance Corp., come with four years of call protection.

The Houston-based natural gas company plans to use the proceeds to repay revolver borrowings and debt assumed in the Crow Creek acquisition and for general corporate purposes.

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