By Paul A. Harris
Portland, Ore., Oct. 1 – Hilcorp Energy Co. priced an upsized $600 million issue of 10-year senior notes (Ba2/BB+) on Monday at par to yield 6¼%, according to market sources.
The issue size was increased from $500 million.
The yield printed at the tight end of the 6¼% to 6½% yield talk.
The deal was playing to $1.4 billion of orders around 2 p.m. ET on Monday, a trader said.
J.P. Morgan Securities LLC was the lead.
The Houston-based oil and gas exploration and production company plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | Hilcorp Energy Co.
|
| Amount: | $600 million, increased from $500 million
|
| Tenor: | 10 years
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Call protection: | Five years
|
| Trade date: | Oct. 1
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Quick to market
|
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