EnQuest marketing $300 million five-year notes; initial talk 12¼% area

By Paul A. Harris

Portland, Ore., Oct. 11 – EnQuest plc started a roadshow on Monday for a $300 million offering of five-year senior notes (expected ratings B3/B+), according to market sources.

Initial guidance has the notes coming to yield in the 12¼% area.

The roadshow is set to conclude on Wednesday.

Global coordinator and joint bookrunner Goldman Sachs will bill and deliver. BNP Paribas, BofA and DNB are also global coordinators and joint bookrunners. Deutsche Bank is also a joint bookrunner.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

The London-based petroleum exploration and production company plans to use the proceeds plus drawings under its RBL facility and cash on hand to repay senior notes due 2023.

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