EPL Oil & Gas begins roadshow for $250 million 8¼% notes due 2018

By Paul A. Harris

Portland, Ore., Oct. 15 - EPL Oil & Gas, Inc. began a roadshow on Monday for a $250 million tack-on to its 8¼% senior notes due 2018 (current ratings Caa1/B-), according to an informed source.

The deal is set to price later in the Oct. 15 week.

Credit Suisse Securities (USA) LLC, BMO Securities and Jefferies & Co. are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes become callable on Feb. 15, 2015 at 104.125. The notes have a 35% equity clawback at 108.25 until Feb. 15, 2014.

Upon release from escrow, the proceeds will be used to finance the acquisition of 100% of the issued and outstanding member interests of Hilcorp Energy GOM, LLC, which owns certain shallow-water Gulf of Mexico shelf oil and natural gas interests.

EPL Oil and Gas is a Houston-based exploration and production company.

The original $210 million issue priced at par in February 2011 via Energy Partners Ltd.

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