Endeavor Energy to sell $800 million two-part senior notes on Tuesday

By Paul A. Harris

Portland, Ore., Nov. 28 – Endeavor Energy Resources, LP and EER Finance, Inc. plan to price $800 million of senior notes (expected ratings B3/BB-) in two tranches, trailing a mid-morning conference call with investors, according to a syndicate source.

The Rule 144A and Regulation S for life deal includes $500 million of eight-year notes, callable after three years at par plus 75% of the coupon, and $300 million of 10-year notes, callable after five years at par plus 50% of the coupon.

Goldman Sachs & Co. is the left bookrunner. Credit Suisse Securities (USA) LLC is a physical bookrunner. BMO Securities, Citigroup Global Markets Inc., BofA Merrill Lynch, MUFG, PNC Capital Markets and Wells Fargo Securities LLC are joint bookrunners. BB&T, CIBC World Markets, Credit Agricole CIB, Natixis, Regions Bank and Scotia Capital are co-managers.

The Midland, Texas-based oil and gas exploration and production company plans to use the proceeds plus cash on-hand to refinance its notes maturing in 2021 and for general purposes.

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