By Paul A. Harris
Portland, Ore., Jan. 12 – W&T Offshore Inc. priced a $275 million issue of three-year senior second-lien notes (Caa1/B-) at par to yield 11¾% on Thursday, according to market sources.
The yield printed at the tight end of the 11¾% to 12% yield talk. Early guidance was in the 12% area, a trader said.
The deal was heard to have been half done in reverse inquiry and was playing to $400 million of demand an hour before close of books on Thursday morning, according to a sellside source.
The bonds were in the context of 101½ bid, 102 offered after they broke for trading on Thursday afternoon, the source added.
Morgan Stanley & Co. LLC was the sole bookrunner.
The Houston-based oil and gas exploration and production company plans to use the proceeds plus available cash to redeem its second-lien senior secured notes due 2023.
| Issuer: | W&T Offshore Inc.
|
| Amount: | $275 million
|
| Issue: | Senior second-lien notes
|
| Maturity: | Feb. 1, 2026
|
| Sole bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 11¾%
|
| Price: | Par
|
| Yield: | 11¾%
|
| Spread: | 795 bps
|
| First call: | Aug. 1, 2024 at 105.875
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 27
|
| Ratings: | Moody’s: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 11¾% to 12%
|
| 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.
