Triangle Petroleum plans roadshow for $350 million eight-year notes

By Paul A. Harris

Portland, Ore., July 9 – Triangle USA Petroleum Corp., the wholly owned exploration and production subsidiary of Triangle Petroleum Corp., plans to price a $350 million offering of eight-year senior notes (expected ratings Caa1/CCC+) during the week ahead, according to a market source.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are the underwriters for the offer, which is being marketed privately to qualified institutional investors.

The notes come with three years of call protection.

The Denver-based energy company plans to use the proceeds to pay down and terminate its second-lien credit facility, to reimburse Triangle Petroleum for capital contributions to Triangle USA in connection with closing the acquisitions of Williston Basin properties previously announced on May 14, to repay a portion of outstanding debt under Triangle USA’s senior credit facility and for other general corporate purposes.

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