EnQuest talks $500 million eight-year notes to yield 6¾%-7%; pricing expected Friday

By Paul A. Harris

Portland, Ore., April 3 - EnQuest plc talked its $500 million offering of eight-year senior notes (B3/B) to yield 6¾% to 7%, market sources said on Thursday.

The price talk comes wider than early guidance, which had the deal whispered in the mid-6% context, according to a buyside source.

The deal is expected to price on Friday.

J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners.

The notes come with three years of call protection.

The London-based petroleum exploration and production company plans to use the proceeds for general corporate purposes.

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