Hilcorp Energy to price $500 million 10.5-year notes Wednesday

By Paul A. Harris

Portland, Ore., May 20 – Hilcorp Energy I LP and Hilcorp Finance Co. plan to price a $500 million offering of senior notes due October 2025 (expected ratings Ba3/BB+) on Wednesday trailing a late-morning conference call with investors, according to a market source.

J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., BMO Securities and BofA Merrill Lynch are the joint bookrunners for the Rule 144A and Regulation S for life offering.

BBVA and U.S. Bancorp Investments Inc. are the senior co-managers. Capital One South Coast, BB&T and Comerica are the co-managers.

The notes come with five years of call protection.

The Houston-based energy exploration and production company plans to use the proceeds to redeem its 8% senior notes due 2020 and repay its revolver.

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