New Issue: EnQuest sells upsized $650 million eight-year notes at par to yield 7%

By Paul A. Harris

Portland, Ore., April 4 - EnQuest plc priced an upsized $650 million issue of eight-year senior notes (B3/B/) at par to yield 7% on Friday, according to a market source.

The deal was upsized from $500 million.

The yield printed at the wide end of the 6¾% to 7% yield talk.

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

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

Issuer:	EnQuest plc
Amount:	$650 million, increased from $500 million
Maturity:	April 15, 2022
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Barclays, BNP Paribas, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
Co-manager:	Scotia Capital
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	445 bps
Price talk:	6¾% to 7%
First call:	April 15, 2017 at 105.25
Equity clawback:	35% at 107 until April 15, 2017
Trade date:	April 4
Settlement date:	April 9
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow

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