Approach Resources starts roadshow for $250 million eight-year notes

By Paul A. Harris

Portland, Ore., June 3 - Approach Resources Inc. began a roadshow on Monday for a $250 million offering of eight-year senior notes (expected ratings B3/B-), according to a syndicate source.

The deal is expected to price on Friday.

J.P. Morgan Securities LLC, RBC Capital Markets and KeyBanc Capital Markets are the joint bookrunners. Wells Fargo Securities LLC, BofA Merrill Lynch, Scotia Capital and Tudor Pickering Holt are the co-managers.

The Securities and Exchange Commission-registered notes come with three years of call protection.

The notes feature a special change-of-control provision at 110 until June 2014.

The Fort Worth-based oil and gas exploration and production company plans to use the proceeds to repay its revolving credit facility.

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