Published on 9/9/2014 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Teine Energy prices $350 million 6 7/8% eight-year notes to yield 7%
By Paul A. Harris
Portland, Ore., Sept. 9 – Teine Energy Ltd. priced a $350 million issue of eight-year senior notes (B3/CCC+/) at 99.234 to yield 7% on Tuesday, according to a market source.
The yield printed at the wide end of yield talk in the 6 7/8% area.
Joint bookrunner Barclays will bill and deliver. J.P. Morgan Securities LLC was also a joint bookrunner.
The Calgary, Alta.-based oil and gas exploration, development and production company plans to use the proceeds to repay and retire its second-lien term loan, including a 1% prepayment premium, as well as to repay all outstanding revolver borrowings and for general corporate purposes.
Issuer: | Teine Energy Ltd.
|
Face amount: | $350 million
|
Proceeds: | $347 million
|
Maturity: | Sept. 30, 2022
|
Securities: | Senior notes
|
Bookrunners: | Barclays (bill and deliver), J.P. Morgan Securities LLC
|
Co-managers: | BMO Securities, TD Securities, NBC, RBC Capital Markets
|
Coupon: | 6 7/8%
|
Price: | 99.234
|
Yield: | 7%
|
Spread: | 469 bps
|
First call: | Sept. 30, 2017 at 105.156
|
Trade date: | Sept. 9
|
Settlement date: | Sept. 12
|
Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 6 7/8% area
|
Marketing: | Roadshow
|
© 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.