Rooster Energy starts roadshow for $100 million notes via Imperial

By Paul A. Harris

Portland, Ore., July 17 – Rooster Energy Ltd. began a roadshow on Thursday for a $100 million offering of five-year senior secured notes, according to an informed source.

An investor lunch is scheduled to take place on Tuesday.

Imperial Capital LLC is the sole bookrunner for the offering, which is in the market via Rule 144A and Regulation S with contingent registration rights.

Cowen & Co. is the co-manager.

The notes become callable after two years at par plus 75% of the coupon, with the call premium declining ratably every six months.

Credit ratings in the low single-B or high triple-C range are expected.

The Houston-based company plans to use the proceeds to refinance debt, to fund the cash portion of the acquisition of Morrison Well Services, LLC and for general corporate purposes.

Rooster Energy is an oil and natural gas exploration and production company that will be integrated with a leading down-hole and subsea plugging and abandonment services business with operations in the shallow waters of the U.S. Gulf of Mexico.

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