Warren Resources kicks off $300 million eight-year notes offering

By Paul A. Harris

Portland, Ore., July 25 – Warren Resources, Inc. launched a $300 million offering of eight-year senior notes (Caa1/B-) on Friday, according to a syndicate source.

The Rule 144A with registration rights deal is expected to price late in the July 28 week.

BMO Capital Markets Corp. is the left bookrunner. Jefferies LLC and Wells Fargo Securities LLC are the joint bookrunners.

Capital One, U.S. Bancorp Investments Inc., BOSC, Comerica, KeyBanc Capital Markets and Santander are the co-managers.

The notes come with three years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The New York-based independent energy company plans to use the proceeds to fund a portion of the approximately $312.5 million cash purchase price for its recently announced acquisition of the Marcellus assets of Citrus Energy Corp. and two additional working interest owners.

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