By Paul A. Harris
St. Louis, Sept. 17 - RAAM Global Energy Co. priced a downsized $150 million issue of 12½% five-year senior secured notes (Caa2/B/) at 99.10 to yield 12¾% on Friday, according to an informed source.
Earlier in the week the deal was talked with a 12¼% coupon at 99.291 to yield 12½%.
Global Hunter Securities and Knight Capital Markets were the joint bookrunners.
The Lexington, Ky.-based oil and gas company will use the proceeds to repay bank debt and for general corporate purposes.
The deal initially hit the market in mid-August as a senior unsecured notes offering, sized at $200 million and talked at the 12½% area.
| Issuer: | RAAM Global Energy Co.
|
| Face amount: | $150 million
|
| Proceeds: | $148.65 million
|
| Maturity: | Oct. 1, 2015
|
| Securities: | Senior secured notes
|
| Bookrunners: | Global Hunter Securities, Knight Capital Markets
|
| Coupon: | 12½%
|
| Price: | 99.10
|
| Yield: | 12¾%
|
| Spread: | 1,132 bps
|
| Call protection: | Callable on Oct. 1, 2014 at 106.25, par on and after April 1, 2015
|
| Equity clawback: | 35% at 112.50 until Oct. 1, 2013
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 12¼% coupon at 99.291 to yield 12½%
|
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