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EP Energy to price $350 million seven-year secured notes on Thursday; guidance 8%-8¼% yield
By Paul A. Harris
Portland, Ore., Nov. 16 – EP Energy LLC plans to price a $350 million offering of seven-year senior secured notes on Thursday, according to market sources.
Initial guidance has the deal coming to yield 8% to 8¼%.
The Rule 144A for life and Regulation S deal is being marketed by means of an investor conference call that was scheduled to take place late Wednesday morning.
Goldman Sachs & Co. is the left bookrunner. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and RBC Capital Markets are the joint bookrunners.
BMO Capital Markets Corp., Deutsche Bank Securities Inc. and UBS Investment Bank are the senior co-managers.
Apollo Global Securities, Riverstone Capital Services, Capital One Securities, CIBC Capital Markets, BBVA, SMBC Nikko, Mizuho Securities, SG CIB, DNB Markets, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., Citizens Capital Markets Inc., Comerica Securities, TD Securities, ING and Nomura are the co-managers.
The notes come with three years of call protection.
The Houston-based oil and natural gas exploration and production company plans to use the proceeds to repay the RBL facility and/or for other general corporate purposes.
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