Published on 7/12/2011 in the Prospect News High Yield Daily.
New Issue: RAAM prices $50 million tap of 12½% notes due 2015 to yield 11.72%
By Paul A. Harris
Portland, Ore., July 12 - RAAM Global Energy Co. priced a $50 million add-on to its 12½% senior secured notes due Oct. 1, 2015 at 102.5 to yield 11.72% on Tuesday, according to an 8-K document filed with the Securities and Exchange Commission.
The Lexington, Ky.-based oil and gas company will use the proceeds for general corporate purposes.
The original issue priced in a downsized $150 million issue at 99.1 to yield 12¾ on Sept. 17, 2010.
That original issue, which was led by Global Hunter Securities and Knight Capital, had been downsized from $200 million.
Issuer: | RAAM Global Energy Co.
|
Face amount: | $50 million
|
Proceeds: | $51.25 million
|
Maturity: | Oct. 1, 2015
|
Securities: | Add-on to 12½% senior secured notes
|
Coupon: | 12½%
|
Price: | 102.5
|
Yield: | 11.72%
|
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: | July 12
|
Settlement date: | July 15
|
Distribution: | Rule 144A and Regulation S
|
Original issue: | $150 million issue priced at 99.1 to yield 12¾ on Sept. 17, 2010
|
Total issue size: | $200 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.