Published on 5/20/2015 in the Prospect News High Yield Daily.
New Issue: Hilcorp Energy prices $500 million 10.5-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., May 20 – Hilcorp Energy I LP and Hilcorp Finance Co. priced a $500 million issue of senior notes due Oct. 1, 2025 (Ba3/BB+) at par to yield 5¾% on Wednesday, according to a market source.
The yield printed on top of yield talk.
J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., BMO Securities and BofA Merrill Lynch were the joint bookrunners.
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.
| Issuers: | Hilcorp Energy I LP and Hilcorp Finance Co.
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., BMO Securities, BofA Merrill Lynch
|
| Senior co-managers: | BBVA, U.S. Bancorp Investments Inc.
|
| Co-managers: | Capital One South Coast, BB&T, Comerica
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| First call: | April 1, 2020 at 102.875
|
| Trade date: | May 20
|
| Settlement date: | June 4
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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