Endeavor Energy talks $300 million eight-year notes at 6½%-6¾%

By Aleesia Forni

Virginia Beach, Va., Aug. 5 - Endeavor Energy Resources, LP and EER Finance, Inc. set talk for their planned $300 million issue of eight-year senior notes at 6½% to 6¾%, according to a market source.

Books close Tuesday at 11:30 a.m. ET and pricing is expected thereafter.

The company previously held a roadshow during the Sept. 29 week.

The Rule 144A and Regulation S for life notes will be non-callable for three years, then callable at ¾ of the coupon.

Proceeds will be used to repay existing debt and for general corporate purposes.

The notes feature an up to 35% equity clawback for the first three years and a 101% poison put.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities, U.S. Bancorp Investments Inc. and RBS Securities Inc. are the bookrunners.

Endeavour is a Midland, Texas-based oil and gas exploration and production company.

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