By Paul A. Harris
St. Louis, Mo., April 16 - Western Oil Sands, Inc. upsized to $450 million from $425 million its offering of senior secured notes due May 1, 2012 (Ba2/BB+) on Tuesday. The Rule 144A bullets priced at par to yield 8 3/8%, according to a syndicate source.
"It priced within the (8 3/8% area) price talk," the source commented.
Salomon Smith Barney and TD Securities were joint bookrunners.
The Calgary, Alta. energy company will use the proceeds for capital expenditures.
Issuer: Western Oil Sands, Inc.
| Amount: | $450 million (increased from $425 million)
|
| Maturity: | May 1, 2012
|
| Type: | Senior secured notes
|
| Bookrunners: | Salomon Smith Barney, TD Securities
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Price talk: | 8 3/8% area
|
| Spread: | 315 basis points
|
| Call features: | Non-callable with a Treasuries plus 50 basis points make-whole call
|
| Settlement date: | April 23, 2002 (T+5)
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Rule 144A CUSIP: | 959053AC3
|
|
|
© 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.
