Hilcorp Energy to price $800 million two-part unsecured notes offer in Tuesday drive-by

By Paul A. Harris

Portland, Ore., April 5 – Hilcorp Energy I, LP and Hilcorp Energy Finance Co. plan to price an $800 million two-part offering of senior notes in a Tuesday drive-by, according to market sources.

The Rule 144A and Regulation S for life deal includes a tranche of eight-year notes which come with three years of call protection. Initial guidance is 6¼% to 6½%.

The deal also includes a tranche of 10-year notes which come with five years of call protection, with initial guidance at 6½% to 6¾%.

Tranche sizes remain to be determined.

J.P. Morgan Securities LLC is leading the sale.

The Houston-based private energy exploration and production company plans to use the proceeds plus a new credit facility to pay off the term loan entered into by subsidiary Hilcorp North Slope, LLC, in connection with Hilcorp's acquisition of BP's Alaska operations in the summer of 2020.

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