Resolute Energy withdraws $550 million eight-year notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., Nov. 13 – Resolute Energy Corp. withdrew its $550 million offering of eight-year senior notes (existing ratings Caa1/B-) on Monday, the same day the deal was announced, according to company press releases.

“We approached the market as an opportunistic means to refinance our existing 8½% senior notes due 2020,” a company news release stated.

“However, the company has concluded that current terms and conditions available in the market were not sufficiently attractive for Resolute to move forward with the transaction.”

The deal had been talked earlier in the day in the 6¾% area, and had been expected to price before the Monday close, market sources said.

BMO Capital Markets was the left physical bookrunner.

The Denver-based oil and gas company intended to use the proceeds to redeem its 8½% senior notes due 2020 and for general corporate purposes.

© 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.