EnQuest talks $300 million five-year senior notes to yield 12%-12¼%; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., Oct. 12 – EnQuest plc talked its $300 million offering of five-year senior notes (B3/B+) to yield 12% to 12¼% with 1 point to 2 points of original issue discount, according to market sources.

Official yield talk comes tight to initial guidance in the 12¼% area.

With the deal being run on the London high-yield syndicate desk, books were scheduled to close earlier Wednesday, and the bonds are expected to price later in the day.

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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