RKI talks $50 million add-on to 8½% senior notes due 2021 at 100.5

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., July 23 - RKI Exploration & Production, LLC and RKI Finance Corp. have set price talk for the proposed $50 million add-on to their 8½% senior notes due Aug. 1, 2021 (B3/B-) at 100.5, according to a market source.

Books close 10:30 a.m. ET Tuesday with pricing expected thereafter.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and UBS Securities LLC are the joint bookrunners.

BBVA Securities and Mitsubishi UFJ Securities are the co-managers for the Rule 144A for life deal.

The notes will be callable on Aug. 1, 2016 at 106.375 and feature a 35% equity clawback at 108.5 until Aug. 1, 2016. There is a 101% poison put.

Proceeds will be used to pay down the company's revolving credit facility.

RKI is an Oklahoma City-based energy company.

The original $350 million issue priced at par on July 15, 2013, and the add-on notes will be fungible with the existing notes.

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