EP Energy to price $800 million eight-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., May 19 – EP Energy LLC and Everest Acquisition Finance Inc. plan to price an $800 million offering of eight-year senior notes (/B) Tuesday afternoon, according to a syndicate source.

An investor conference call was scheduled to begin at 11:30 a.m. ET on Tuesday.

RBC Capital Markets is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. are the joint bookrunners.

BMO Securities, Credit Suisse Securities (USA) LLC, UBS Investment Bank and Deutsche Bank Securities Inc. are the senior co-managers.

Apollo, Riverstone, Capital One, CIBC World Markets, SG CIB, SunTrust Robinson Humphrey Inc., TD Securities, DNB Markets, Mizuho Securities, RBS Securities Inc., Morgan Stanley & Co. LLC, Comerica and Nomura are the co-managers.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Houston-based independent oil and natural gas exploration and production company plans to use the proceeds to fund the repurchase or redemption of its 6 7/8% senior secured notes due 2019 and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.