Published on 5/28/2015 in the Prospect News High Yield Daily.
New Issue: American Energy Permian prices $295 million five-year secured notes at par to yield 8%
By Paul A. Harris
Portland, Ore., May 28 – American Energy – Permian Basin LLC priced $295 million five-year second-lien senior secured notes (B1/CCC+) at par to yield 8% on Thursday, according to a market source.
The yield printed at the tight end of the 8% to 8¼% yield talk and tight to initial guidance in the low-to-mid 8s, sources said.
Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Oklahoma City-based oil and gas company plans to use the proceeds to repay bank debt.
Issuer: | American Energy – Permian Basin LLC
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Amount: | $295 million
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Maturity: | June 15, 2020
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Securities: | Second-lien senior secured notes
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Bookrunners: | Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
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Co-managers: | Deutsche Bank Securities Inc., DNB Markets, HSBC, ING, KeyBanc Capital Markets, MUFG, TD Securities
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Spread: | 649 bps
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First call: | June 15, 2017 at 104
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Trade date: | May 28
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Settlement date: | June 4
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Ratings: | Moody's: B1
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| Standard & Poor's: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 8% to 8¼%
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Marketing: | Roadshow
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