By Paul A. Harris
Portland, Ore., Nov. 25 - Colombia-focused Pacific Rubiales Energy Corp. priced a $300 million add-on to its 7¼% notes due Dec. 12, 2021 (expected ratings Ba2/BB+/BB+) at 105 to yield 6¼% on Monday, according to a market source.
The reoffer price came on top of initial guidance.
Joint bookrunner and joint lead manager BofA Merrill Lynch was the global coordinator and will bill and deliver for the Rule 144A and Regulation S for life add-on.
Citigroup Global Markets, HSBC, Itau and BBA were also joint bookrunners and joint lead managers.
The Toronto-based oil and gas exploration and production company plans to use the proceeds for general corporate purposes.
| Issuer: | Pacific Rubiales Energy Corp.
|
| Amount: | $300 million
|
| Maturity: | Dec. 12, 2021
|
| Security description: | Add-on to 7¼% notes due Dec. 12, 2021
|
| Global coordinator: | BofA Merrill Lynch (bill and deliver)
|
| Joint bookrunners: | BofA Merrill Lynch, Citigroup Global Markets, HSBC, Itau, BBA
|
| Coupon: | 7¼%
|
| Price: | 105
|
| Yield: | 6¼%
|
| Spread: | 350 bps
|
| First call: | Dec. 12, 2016 at 103.625
|
| Trade date: | Nov. 25
|
| Settlement date: | Dec. 3
|
| Expected ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Initial guidance: | 105
|
| Marketing: | Quick to market
|
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