By Paul A. Harris
Portland, Ore., March 14 - Aurora USA Oil & Gas Inc. priced an upsized $300 million issue of seven-year senior notes (Caa1/CCC+/) at par to yield 7½% on Thursday, according to an informed source.
The yield printed at the tight end of the 7½% to 7¾% yield talk.
Credit Suisse Securities (USA) LLC and UBS Investment Bank are the joint bookrunners for the quick-to-market deal, which was upsized from $250 million.
The energy company plans to use the proceeds to fund the acquisition of additional acreage, to fund capital expenditures and for general corporate purposes.
Houston-based Aurora USA Oil & Gas is a subsidiary of Aurora Oil & Gas Ltd., a Perth, Western Australia-based company.
| Issuer: | Aurora USA Oil & Gas Inc.
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | April 1, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, UBS Investment Bank
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 610 bps
|
| First call: | April 1, 2016 at 105.625
|
| Trade date: | March 14
|
| Settlement date: | March 21
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Quick to market
|
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