Western Oil Sands $425 million 10-year notes talked at 8 3/8% area

By Paul A. Harris

St. Louis, Mo., April 12 - Price talk of a yield in the 8 3/8% area was heard Friday on Western Oil Sands' upcoming offering of $425 million of 10-year senior secured notes (Ba2/BB+). A syndicate official, reporting this information, said that demand among investors for Western Oil's new bonds is intense.

The deal is expected to price Tuesday.

Salomon Smith Barney and TD Securities are joint bookrunners on the Rule 144A bullets.

The Calgary, Alta. energy company will use proceeds for capital expenditures.

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