Endeavour eyes $54 million tack-on to 12% first-priority notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 10 - Endeavour International Corp. is expected to sell a $54 million add-on to its existing 12% first-priority notes due March 1, 2018 (current ratings Caa1/CCC/), according to a market source.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A with registration rights deal.

The notes will be callable March 1, 2015 at 106 and carry a 101% poison put.

Proceeds will be used to redeem, repurchase or otherwise retire the company's outstanding 12% senior subordinated notes due 2014, as well as to finance a portion of the construction, improvement and other capital costs related to its U.S. and U.K oil and natural gas properties.

The original $350 million issue priced at 96 to yield 12.975% on Feb. 13, 2012 in an overall $500 million transaction, which also included $150 million of 12% second-priority senior secured notes due June 1, 2018.

Endeavour is an oil and gas exploration and production company based in Houston.

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