Endeavour talks $500 million eight-year notes with yield in 11½% area

By Paul A. Harris

Portland, Ore., Feb. 7 - Endeavour International Corp. set price talk for its $500 million offering of eight-year senior notes (expected ratings Caa1/CCC) in the 11½% area on Tuesday, according to an informed source.

The books close at 2 p.m. ET on Wednesday, and the deal is set to price thereafter.

Citigroup Global Markets Inc. is the bookrunner.

BNP Paribas is the lead manager.

FBR, Global Hunter Securities, Imperial Capital and Wunderlich are the co-managers.

The Rule 144A with registration rights notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to fund the acquisition of ConocoPhillips' interest in three producing U.K. oil fields in the Central North Sea and to retire existing term loan debt.

Endeavour is an oil and gas exploration and production company.

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