By Paul A. Harris
Portland, Ore., Oct. 12 – EnQuest plc priced a $305 million issue of 11 5/8% five-year senior notes (B3/B+) at 98.611 to yield 12% on Wednesday, according to a market source.
The yield printed at the tight end of the 12% to 12¼% yield talk. The issue price came on the cheap end of price talk specifying 1 point to 2 points of original issue discount. Initial guidance was in the 12¼% area.
The deal was run on the London syndicate desk, with the European accounts heard to have represented the greater portion of the book, a New York-based trader said.
Global coordinator and joint bookrunner Goldman Sachs will bill and deliver. BNP Paribas, BofA and DNB were also global coordinators and were joint bookrunners were Deutsche Bank.
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.
| Issuer: | EnQuest plc
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| Amount: | $305 million, increased from $300 million
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| Issue: | Senior notes
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| Maturity: | Nov. 1, 2027
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| Global coordinators: | Goldman Sachs (bill and deliver), BNP Paribas, BofA and DNB
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| Joint bookrunners: | Goldman Sachs, BNP Paribas, BofA, DNB and Deutsche Bank
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| Coupon: | 11 5/8%
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| Price: | 98.611
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| Yield: | 12%
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| Call protection: | Two years
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| Trade date: | Oct. 12
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| Ratings: | Moody's: B3
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 12% to 12¼% yield with 1 point to 2 points OID
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