Endeavour restructures $500 million notes offering, hikes price talk

By Paul A. Harris

Portland, Ore., Feb. 9 - Endeavour International Corp. restructured its $500 million offering of senior notes and increased the price talk on Thursday, according to an informed source.

The maturity of the notes was decreased to six years from eight years, and the call protection was decreased to three years from four years.

Revised price talk has the notes pricing with a 12% coupon at 96 to yield 13%. Earlier talk specified a yield in the 11½% area.

There were also covenant changes.

The books are set to close at 11 a.m. ET on Friday, and the deal is expected 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.

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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