Resolute Energy talks $250 million eight-year notes to yield 8½%-8¾%

By Paul A. Harris

Portland, Ore., April 19 - Resolute Energy Corp. talked its $250 million offering of eight-year senior notes (B3/B-) to yield 8½% to 8¾% on Thursday, according to a syndicate source.

The books are closed.

The deal is set to price on Friday morning.

Citigroup Global Markets Inc., BMO Capital Markets Corp. and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A with registration rights notes come with standard incurrence-based high-yield covenants and with four years of call protection. They feature a three-year 35% equity clawback and a 101% poison put.

The Denver-based independent oil and gas company plans to use the proceeds to repay debt and for general corporate purposes, including capital expenditures.

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