Alta Mesa talks $450 million eight-year notes to yield in 8% area; pricing Friday

By Paul A. Harris

Portland, Ore., Dec. 2 – Alta Mesa Finance Services Corp., a wholly owned subsidiary of Alta Mesa Holdings, LP, talked its $450 million offering of eight-year senior notes (Caa1/B-) to yield in the 8% area, according to a syndicate source.

Books close at noon ET on Friday, and the Rule 144A and Regulation S with registration rights notes offering is set to price thereafter.

Wells Fargo Securities LLC is the left bookrunner. Capital One, Natixis Securities North America Inc., ING Financial Markets LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC are the joint bookrunners. BOK Securities is the co-manager.

The notes become callable after three years at par plus 75% of the coupon.

Proceeds, together with cash on hand, with be used to fund the purchase of the 9 5/8% notes due 2018 via tender and/or redemption.

The prospective issuer is a Houston-based oil and natural gas acquisition, exploitation, exploration and production company.

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