By Paul A. Harris
St. Louis, Oct. 7 - Hilcorp Energy priced a $300 million issue of 10.5-year senior notes (B2/BB-/) at par to yield 7 5/8% on Thursday, according to a market source.
The yield printed in the middle of the 7½% to 7¾% price talk.
Deutsche Bank Securities Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, BMO Nesbitt Burns and Wells Fargo Securities were the joint bookrunners for the quick-to-market deal, which was priced under Rule 144A.
Proceeds will be used to repay bank debt and for general corporate purposes.
Hilcorp is a Houston-based exploration and production company.
| Issuer: | Hilcorp Energy
|
| Amount: | $300 million
|
| Maturity: | April 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, BMO Nesbitt Burns, Wells Fargo Securities
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 542 bps
|
| Call protection: | Five years
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 13
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Quick to market
|
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